India: Vacation merger lands penalties

The Competition Commission of India has reportedly issued fines to three companies for their participation in a merger that occurred before the required regulatory notification of the deal.

Vacation planners Thomas Cook and Sterling Holiday Resorts were fined after the CCI found they had consummated parts of the transaction before notifying regulators of their plans, which needed approval. Thomas Cook Insurance Services was also fined as a third party to the merger.

Thomas Cook announced the fines in a regulatory filing last Saturday, reports say.

The companies carried out part of the merger last February when Thomas Cook Insurance acquired a nearly 10 percent stake in Sterling Holiday Resorts. It was not until two days after the deal was made that the companies sought approval by the CCI.

Full content: The Financial Express

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