Singh & Associates, Founder Manoj K. Singh, successfully represented Shrem Group (Chattawal Trust) before Competition Commission of India (CCI) to seek approval of the Board to acquire the stake in 23 subsidiaries of Dilip Buildcon Limited. Dilip Buildcon Limited is a Listed infrastructure-based Company, engaged in various infrastructure projects including construction of highways, bridges, etc. Shrem Group is a conglomerate of various companies but it’s a privately owned family business. The Group is spearheaded by two brothers, Mr. Nitan Chhatwal and Hitesh Chhatwal who have a collective experience of more than 40 years in creating wealth and building business value. The Shrem Group through its two companies namely Shrem Infraventure Private Limited and Shrem Roadways Private Limited had entered into a Master Agreement with Dilip Buildcon Limited in December 2017 for the proposed acquisition.
As the turnover and assets of the target group was more than the threshold limit prescribed under the Competition Act, 2002, approval was needed to proceed with the combination. The approximate Turnover of the Target Group i.e. Dilip Buildcon Limited as on 31.03.2017 was INR 8000 Crore. CCI had vide its order dated March 2018 gave the approval to Shrem Group subject to provisions of Section 43A of the Competition Act.
The Show Cause Notice issued by CCI under Section 43A was also successfully contested by Singh & Associates. The S&A Team was led by Mr. Manoj K Singh, Founding Partner, Ms. Daizy Chawla, Senior Partner, Corporate Group.