CCI Makes M&A Filing Easier

In a bid to make merger and acquisition easier Competition Commission of India (CCI) has amended its crucial combination regulations, so that it will be easier for the stakeholders to adhere to the rules and M&A activity in the country will get a boost. In line with PM Narendra Modi’s bid to make India business friendly destination and improving the “ease of doing business” ranking CCI in March 2105, has invited comments from all stakeholders as a part of its consultative process for amending the regulations.

Based on these suggestions CCI has now amended the regulations, which now becomes more clear and transparent, avoiding undue delays. As far as amendments are concerned, it provides flexibility to parties regarding signing of the notice as any person duly authorized by board of directors can sign the notice.

Also in a crucial amendment, definition of the term “other document” has been amended to bring more clarity. Actually it has been limited to communication conveying the intention to make an acquisition to a Statutory Authority. Form I for notifying combination has also been revised as per the suggestion of the public and it will now also provide guidance to parties in the way of foot notes.

Government is also very much keen to provide transparency in the functioning and in the matter of any merger and acquisition a summary of every deal under review will be posted on the CCI’s website. This will also let the stakeholders to give their comments on proposed merger and acquisition. Timelines for the proposed M&A has also been changed to “thirty working days” from “thirty calendar days”.