CCI Imposes Second Gun-Jumping Penalty On Manipal Group

The CCI imposed a penalty of INR 50 lakhs (~ USD 53,000) on companies of the Manipal Group for closing its acquisition of an additional 11.03% shareholding in Aakash Educational Services Limited (‘Aakash’) without prior notification and approval.

The Manipal Group invested in Aakash during the insolvency proceedings against the latter’s parent entity, Think & Learn (i.e., Byju’s). This broader context was raised as an argument by the Manipal Group to argue for lower penalties before the CCI. The Manipal Group entities highlighted that Aakash was under severe financial distress, and that urgent closing of the transaction was necessary to safeguard the interests of Aakash’s shareholders (as well as the students and employees who relied on it). However, the CCI did not view this as a relevant mitigating factor.

In fact, the CCI imposed higher penalties on the Manipal Group, noting that this was the second instance of gun-jumping by it. Earlier, in July 2025 the CCI had imposed a penalty of INR 20 lakhs (~ USD 21,000) on the Manipal Group for non-notification of the conversion of its debentures to a 39.61% equity stake in Aakash.

The CCI’s ruling underscores the importance of carefully assessing notification requirements before taking any steps towards closing, to comply with India’s mandatory and suspensory merger control regime.