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CCI fines Goldman Sachs manager Rs 40 lakh over Biocon deal failure

Business Standard LogoBusiness Standard5h ago

CCI fines Goldman Sachs manager Rs 40 lakh over Biocon deal failure - Business Standard

Quick Summary:

The Competition Commission has imposed a penalty of Rs 40 lakh on the investment manager of Goldman Sachs AIF for failing to notify the regulator about the more than four-year-old deal that gives the option to buy up to 3.81 per cent stake in Biocon Biologics.

The penalty was levied on Goldman Sachs (India) Alternative Investment Management Pvt Ltd (GS AIMPL), the investment manager of Goldman Sachs AIF, for a contravention of Section 6(2) of the Competition Act, which mandates prior approval for certain combinations.

Under the deal, Goldman Sachs AIF Scheme-1 (GS AIF) had acquired optionally convertible debentures (OCDs) issued by Biocon Biologics.


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Article Details

Category: BusinessFinance

Markets:

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Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-16 @ 22:32:30 (5 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 550 words

Reading Time: 4 minutes read

Sentences: 18 lines

Sentence Length: 31 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 25198548

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Main Topics: BusinessFinance

Official Website: business-standard.com

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News Last Updated: 3 hours ago

Coverage Areas: India

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Publisher ID: #49

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