The Unreviewed Multiplex Merger

Your client is the combined business of Rangmanch Cinemas and Chitralekha Multiplexes, two of India's largest cinema chains, which merge in 2022 to create the country's largest multiplex operator. The deal proceeds without a review by the Competition Commission of India, although both chains are strong in urban markets. How do you explain the outcome?

Establish that the merger raised potential local competition concerns, was not explained by a failing-firm argument, and proceeded without CCI notification because COVID-depressed valuations brought it within the de minimis exemption.