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CCI seeks suggestions on PVR, DT Cinemas deal
New Delhi, Dec 12 (IANS) Fair trade watchdog Competition Commission of India (CCI) on Saturday invited comments, suggestions and objections from any person or entity who is likely to suffer adverse effects over multiplex chain PVR’s acquisition of DT Cinemas.
"As per the provisions of Section 29 (3) of the Act, the Commission invites comments/objections/ suggestions in writing, from any person(s) adversely affected or likely to be affected by the combination (PVR’s acquisition of DT Cinemas)," a CCI statement said.
According to Section 29 (2) of the Competition Act, 2002 (Act), Ashok Chawla headed CCI is of prima facie opinion that PVR’s acquisition of DL Utilities Limited’s film exhibition business DT Cinemas is likely to have an appreciable adverse effect on competition, the statement said.
To empower and inform competition and the public at large, CCI directed the Ajay Bijli lead PVR to disseminate and publish the details of the business deal in leading all India newspapers and on its website.
In June 2015, PVR announced its plan to acquire DT Cinemas for an approximate aggregate consideration of Rs.500 crore on a slump sale basis.
DT Cinemas operates 39 screens, 29 existing and 10 upcoming, in Delhi, Gurgaon, Noida and Chandigarh while PVR operates more than 467 screens across India.