Mergers and Acquisitions in Banking Sector in India

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MERGERS AND ACQUISITIONS IN BANKING SECTOR IN INDIA- A LEGAL PERSPECTIVE

ROLES A D RESPO SIBILITIES OF CCI I BA K MERGERS -A LEGAL PERSPECTIVE

A Research Paper submitted in partial fulfilment for the requirement of the Internship, May, 2010

Submitted toMr. R.N.Sahay Competition Commission of India

Submitted byRuchi Sahay IVth Year, B.A.LL.B Chanakya National Law University

1 By Ruchi Sahay, Internee

MERGERS AND ACQUISITIONS IN BANKING SECTOR IN INDIA- A LEGAL PERSPECTIVE

ACK OWLEDGEME T This paper would not have been possible without the support of my guide Mr. R.N. Sahay who has given me his precious time, valuable experience and patience, guiding me throughout my research. It has been a wonderful opportunity to work under his guidance. I would also like to thank Mr. Vijay Kumar Singh and Ms. Neha Meshra for providing his valuable ideas for my project report. I am thankful to the Librarians, Competition Commission of India, for helping me in collecting the relevant material for my project report. Last but not the least i would like to extend my thanks to all the staff at CCI who has extended their help. I would also like to express my gratitude to my parents who have given me their unconditional love and for making me who I am today.

RUCHI SAHAY CHA AKYA ATIO AL LAW U IVERSITY

2 By Ruchi Sahay, Internee

MERGERS AND ACQUISITIONS IN BANKING SECTOR IN INDIA- A LEGAL PERSPECTIVE

DISCLAIMER This project report/dissertation has been prepared by the author as an intern under the Internship Programme of the Competition Commission of India for academic purposes only. The views expressed in the report are personal to the intern and do not necessarily reflect the view of the Commission or any of its staff or personnel and do not bind the Commission in any manner. This report is the intellectual property of the Competition Commission of India and the same or any part thereof may not be used in any manner whatsoever, without express permission of the Competition Commission of India in writing.

3 By Ruchi Sahay, Internee

MERGERS AND ACQUISITIONS IN BANKING SECTOR IN INDIA- A LEGAL PERSPECTIVE

Contents
CHAPTER 1 – ABSTRACT .......................................................................................................................... 5 CHAPTER 2- INDIAN BANKING INDUSTRY-AN OVERVIEW ...................................................................... 6 CHAPTER 4 - M&A IN BANKING SECTOR- RESTRUCTURING ................................................................... 8 MOTIVES FOR MERGER ..................................................................................................................... 10 NARASIMHAM COMMITTE REPORT.................................................................................................. 11 BENEFITS OF CONSOLIDATION.......................................................................................................... 14 CHAPTER 5 - MERGER IN INDIAN BANKS .............................................................................................. 19 CASE STUDY - PUNJAB NATIONAL BANK AND NEW BANK OF INDIA MERGER: ................................ 21 CHAPTER 5 – COMPETITON ISSUES INVOLVED IN BANKING SECTOR (OECD) ...................................... 23 CHAPTER 6 - REGULATIONS REGARDING MERGERS AND ACQUISITION IN INDIA ............................... 25 A ) THE COMPANIES ACT, 1956 ......................................................................................................... 25 B) THE TAKEOVER CODE, 1997.......................................................................................................... 28 C) BANKING REGULATION ACT, 1949................................................................................................ 33 CHAPTER 7 - COMPETITION COMMISSION OF INDIA’S ROLE IN MERGERS AND ACQUISITION ........... 35 SALIENT FEATURES OF THE COMBINATION REGULATION,2011...
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