AGI Greenpac Limited has raised fresh concerns with the committee of creditors (CoC) over the acquisition of Hindusthan National Glass & Industries Limited (HNGIL) by Independent Sugar Corporation Limited (INSCO), alleging procedural lapses .
In its latest, AGI’s letter to the CoC has alleged that INSCO’s Green Channel approval under Combination Registration is invalid. AGI has contended that under Regulation 9(4) of the CCI’s 2011 Combination Regulations, all inter-connected steps of a combination must be disclosed in a single composite notice.
Additionally, Regulation 5A mandates that Green Channel approvals require all “parties to the…
