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Luthra wins stay of CAM's Holcim-Lafarge mega-merger before Compat

The Competition Appellate Tribunal (COMPAT) has stayed the roughly Rs 10,000 crore merger of cement giants Holcim and Lafarge, which in February had received Competition Commission of India (CCI) clearance with assistance from Cyril Amarchand Mangaldas advising.

Luthra & Luthra had applied for the stay before Compat on behalf of Dalmia cements, reported Business Standard.

Luthra partner Abdullah Hussain told the paper: “The Competition Appellate Tribunal (COMPAT) has today stayed the Holcim-Lafarge merger. This means Lafarge can’t sell its India assets to any buyer in the meantime.

“We argued before COMPAT that CCI’s second order is invalid as there is no provision under the Act which gives CCI the power to pass the second order when the first order has not been followed. COMPAT prima facie accepted our arguments and has stayed the operation of the CCI’s order till the next date of hearing.”

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