Law: Competition Act, 2010

Section: 11

Competition Act (XIX of 2010)--S. 11(11)(b) & (13)---Competition (Merger Control) Regulations, 2007, Reglns. 11(5)(b) & 17--- Approval of merger of undertaking--- Imposition of conditions---Company which intended to acquire 79% shares of another company, applied for issuance of "NOC" to Competition Commission in that respect---Commission issued "NOC" by imposing certain conditions, which conditions were impugned by the acquiring company before High Court, through constitutional petition---High Court dismissed constitutional petition observing that under provisions of Regln. 11(5)(b) of Competition (Merger Control) Regulations, 2007, Commission was empowered to impose the conditions and that under provisions of S.11(3) of Competition Act, 2010 and Regln. 17 of Competition (Merger Control) Regulations, 2007, petitioner had the right to file the review within one year of the order of the Commission---Acquiring Company assailed the order passed by High Court before the Supreme Court---Supreme Court set aside the order of Competition Commission to the extent of imposing of the conditions and remanded the case to the Commission to dispose of the matter relating to the imposition of the conditions after hearing the parties and thereafter Commission would issue a certificate holding as to whether the conditions were to be imposed or not---Acquiring company was required to propose conditions which were amenable to it; the company accordingly submitted its written submissions along with the proposed amendments in the conditions---Competition Commission revised the conditions and issued NOC for the proposed merger subject to revised conditions accordingly. ORDER 1. In pursuance of the Order dated 26-7-2011 passed by the honourable Supreme Court, the Competition Commission of Pakistan (the 'Commission') through this Order will dispose the matter to the extent of conditions imposed in its Order dated 26-1-2011 in the matter of acquisition of 79% shares of Messrs Agritech Limited (the 'Agritech') by Messrs Fauji Fertilizer Company Limited (the 'FFC'). BACKGROUND: 2. The Commission after hearing all the parties in the matter of acquisition of 79% shares of Agritech by…

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