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About three months post announcement of the merger of PVR Ltd. and Inox Leisure Ltd., Securities and Exchange Board of India and the two stock exchanges – National Stock Exchange and Bombay Stock Exchange – have cleared it. The next step is to get clearance from the National Company Law Tribunal, which we think could take another six months.
Also, the Competition Commission of India has not raised any objections over the last three months, something the street had feared.
Our understanding is that CCI could potentially get involved even post merger, if the merged entity is seen to be abusing its considerable clout within the film exhibition eco-system.
This would mean that business practices, especially price increases in its various business segments and landlord-tenant and buyer-supplier relationships cannot be seen to be abused.
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