Competition Commission of India
azadi ka amrit mahotsav

CCI approves scheme of arrangement involving Dhani Services Limited, Indiabulls Enterprises Limited, Savren Medicare Limited, Auxesia Soft Solutions Limited, Gyansagar Buildtech Limited, Pushpanjli Finsolutions Limited, Devata Tradelink Limited, Evinos Developers Limited, Milky Way Buildcon Limited, Indiabulls Consumer Products Limited, Indiabulls Infra Resources Limited, Jwala Technology Systems Private Limited, Mabon Properties Limited, YDI Consumer India Limited, Indiabulls General Insurance Limited, Indiabulls Life Insurance Company Limited, Juventus Estate Limited, India Land Hotels Mumbai Private Limited, Indiabulls Pharmcare Limited, and Yaari Digital Integrated Services Limited

Posted On: 19 DEC 2023 8:42PM by PIB Delhi

The Competition Commission of India (CCI) has approved the scheme of arrangement involving Dhani Services Limited, Indiabulls Enterprises Limited, Savren Medicare Limited, Auxesia Soft Solutions Limited, Gyansagar Buildtech Limited, Pushpanjli Finsolutions Limited, Devata Tradelink Limited, Evinos Developers Limited, Milky Way Buildcon Limited, Indiabulls Consumer Products Limited, Indiabulls Infra Resources Limited, Jwala Technology Systems Private Limited, Mabon Properties Limited, YDI Consumer India Limited, Indiabulls General Insurance Limited, Indiabulls Life Insurance Company Limited, Juventus Estate Limited, India Land Hotels Mumbai Private Limited, Indiabulls Pharmcare Limited, and Yaari Digital Integrated Services Limited.

The Proposed Combination contemplates the following:

(i) amalgamation of Dhani Services Limited (Dhani/DSL) and Indiabulls Enterprises Limited (IEL) (Dhani and IEL collectively referred to as Listed Amalgamating Companies) into and with Yaari Digital Integrated Services Limited (Amalgamated Company/Resulting Company 2/Yaari Digital);

(ii) amalgamation of Savren Medicare Limited (Sarven Medicare), Auxesia Soft Solutions Limited (Auxesia Software), Gyansagar Buildtech Limited (Gyansagar Buildtech), Pushpanjli Finsolutions Limited (Pushpanjali Finsolutions), Devata Tradelink Limited (Devata Tradelink), Evinos Developers Limited (Evinos Developers), Milky Way Buildcon Limited (Milky Way Buildcon), Indiabulls Consumer Products Limited (Indiabulls Consumer Products), Indiabulls Infra Resources Limited (Indiabulls Infra Resources), Jwala Technology Systems Private Limited (Jwala Technology Systems), Mabon Properties Limited (Mabon Properties), YDI Consumer India Limited (YDI Consumer India), Indiabulls General Insurance Limited (Indiabulls General Insurance)  and Indiabulls Life Insurance Company Limited (Indiabulls Life Insurance)  (aforesaid companies are collectively referred to as Unlisted Amalgamating Companies) into and with Yaari Digital;

(iii) Amalgamation of Juventus Estate Limited (Juventus Estate) with and into Yaari Digital; and

(iv) Demerger of the Real Estate Business Undertaking of India Land Hotels Mumbai Private Limited (Demerged Company) into Indiabulls Pharmacare Limited (Indiabulls Pharmcare/Resulting Company 1) and discharge of consideration thereof by way of issuance of shares by Yaari Digital, in the capacity of the holding company of Indiabulls Pharmacare.

Dhani is eengaged in diversified business activities and operates as a real estate developer, functions as a technology company, as a NBFC, e-commerce entity, Digital Wallet providers with UPI, Stock Brokers, Commodities Brokers, Depository Services, ARC, etc.

IEL is authorised to carry on the business of equipment renting services, management, maintenance services and certain other businesses. Presently, the entity is engaged in equipment renting and leasing business.

Sarven Medicare is authorised to engage in a wide range of activities related to healthcare, pharmaceuticals, and allied products. Presently, the entity is not actively engaged in such business.

Auxesia Software is inter alia engaged in electronic information technology development, upgradation, manufacturing, processing & upgradation of hardware, software, website. Presently, the entity is not actively engaged in such business.

Gyansagar Buildtech is authorised to engage in development of real estate projects. Presently, the entity is not actively engaged in such business.

Pushpanjali Finsolutions is consultation relating to investment, acquiring, holding, procuring, purchasing of all type of securities. Presently, the entity is not actively engaged in such business.

Devata Tradelink is authorised to engage in rendering all kinds of financial consultancy services. Presently, the entity is not actively engaged in such business.

Evinos Developers is authorised to inter alia engage in the business of renting, leasing of a comprehensive array of construction, infrastructure development, manufacturing and mineral handling equipment(s). Presently, the entity is not actively engaged in such business.

Milky Way Buildcon is authorised to carry on/engaged in the business of development of real estate projects. Presently, the entity is not actively engaged in such business.

Indiabulls Consumer Products is authorised to engage in the business of LED lighting and related consultancy services. Presently, the entity is not actively engaged in such business.

Indiabulls Infra Resources is authorised to inter alia engage in the business of renting, leasing of a comprehensive range of construction, infrastructure, manufacturing, and mineral handling equipment(s). Presently, the entity is not actively engaged in such business.

Jwala Technology Systems is authorised to engage inter alia in the business of electronic information technology development, upgradation, manufacturing processing and upgradation of hardware. Presently, the entity is not actively engaged in such business.

Mabon Properties is authorised to carry on/ engaged in the business of development of real estate projects. Presently, the entity is not actively engaged in such business.

YDI Consumer is engaged in the business of manufacturing & marketing of beauty products, cosmetics, toiletries and cleaning products.

Indiabulls General Insurance is authorised to, inter alia, carry on the business of general insurance and health insurance as permitted under the Insurance Act, 1938 and by the Insurance Regulatory Development Authority. As on date, the entity has not received the insurance license and has decided not to pursue the life insurance business.

Indiabulls Life Insurance is authorised to, inter alia, carry on the business of life insurance as permitted under the Insurance Act, 1938 and by the Insurance Regulatory Development Authority. As on date, the entity has not received the insurance license and has decided not to pursue the life insurance business.

Juventus Estate is authorised to carry on/ engaged in the business of real estate and other ancillary services.

Demerged Company is engaged in development of Commercial and Industrial infrastructure. Presently, the entity is engaged in carrying out investment and trading activities.

Indiabulls Pharmcare was originally incorporated to engage in pharma and allied business activities. However, over the period, the entity has diversified its business activities and transitioned into real estate activity(ies).

Yaari Digital is engaged in the business of promoting digital financial and other solutions and have proprietary rights to digital platform ‘Yaari’.

Detailed order of the CCI will follow.

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NB/VM/KMN



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