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News18
14 hours ago
- Business
- News18
Competition Comm clears stake acquisition in Quest Global
Agency: PTI Last Updated: New Delhi, Aug 19 (PTI) Competition Commission has approved Carlyle Group entity and Bequest's purchase of equity stake in Singapore-based Quest Global Services Pte Ltd. Mauritius-based CA Plume Investments is indirectly controlled by funds managed by affiliates of The Carlyle Group Inc, a global alternative asset manager. Bequest is a holding entity of Quest Global's Co-Founder, Chairman and CEO Ajit Aravind Prabhu. In a release on Tuesday, Competition Commission of India (CCI) said it has cleared the deal for acquiring stake in Quest Global, which provides Engineering Research & Development (ER&D) services, including in India. Sketchers is into the apparel, and accessories sector. PTI RAM TRB view comments First Published: August 19, 2025, 21:30 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy. Loading comments...
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Business Standard
09-07-2025
- Business
- Business Standard
CCI imposes ₹4 lakh fine on Carlyle, Bequest for flouting competition norms
The Competition Commission of India (CCI) has imposed a total fine of Rs 4 lakh on Carlyle and Bequest for erroneously using the green channel route to acquire stakes in engineering services firm Quest Global Services. The competition watchdog found that Carlyle and Bequest's "combination did not meet the criteria of Green Channel prescribed under schedule III of the combination regulations," the CCI said in an order passed on June 26. In October 2023, the CCI said it received a notice jointly submitted by Carlyle's affiliate CA Plume Investments and Bequest Inc under the green channel route for the acquisition of up to 23.6 per cent equity stake in Quest Global Services and 9.17 per cent holding by Bequest with share buyback component. Bequest is a holding entity of Quest Global Services' co-founder and CEO, Ajit Aravind Prabhu. The green channel criteria are a fast-track approval route intended for combinations with no horizontal, vertical or complementary overlaps. In the notice, the acquirers -- Carlyle and Bequest -- submitted that no overlaps existed between the acquiring entities and the target company (Quest Global). However, the CCI observed that the activities of Carlyle and Bequest, including their affiliates and those of Quest and its affiliates, exhibited certain vertical or complementary interface/ overlaps. Thereby, the combination did not appear to fall under the norms. Thereafter, the fair trade regulator issued a show cause notice (SCN) to Carlyle and Bequest in April 2024, CCI said in the order. In response to the show-cause notice, the acquirers have admitted inadvertent error and tendered an unconditional apology, proactively identified more overlaps, extended cooperation through the course of proceedings and supplied requisite material/ documents, as per the order. Accordingly, the CCI imposed a penalty of Rs 4 lakh under Section 43A of the Competition Act, which allows for a maximum fine of one per cent of the total turnover or assets of the combination. The acquirers have been directed to pay the penalty within 60 days and submit a fresh notice under the correct format within 30 days.
