The Competition Commission will finalise rules for corporate merger and acquisitions by the first week of May, following which it will be mandatory for companies to seek the Commission’s approval for such deals.
“The notification will be finalised in the first week of May and would be implemented from June 1, 2011,” Secretary in the Ministry of Corporate Affairs D K Mittal told reporters on the sidelines of a FICCI event here.
The Competition Commission of India (CCI) has notified sections 5 and 6 of the Competition Commission Act, 2002, dealing with Mergers and acquisition (M&A) last month, but it is yet to finalise the rules.
The norms when implemented from June 1 would require companies to seek CCI’s approval for domestic and cross-border M&As.
