India Inc has reason to cheer with the Ministry of Corporate Affairs making it mandatory for the competition regulator, the Competition Commission of India, to clear M&A (mergers and acquisitions) proposals in just 180 days compared with 210 days specified earlier.
Finalising Sections 5 and 6 of the Competitions Act, 2002, that deal with M&As, the Ministry of Corporate Affairs has also decided to fix the turnover and assets threshold of the target enterprise at Rs 750 crore and Rs 250 crore, respectively. The Act did not specify any such threshold values for the target enterprises originally. Such targets will ensure that only large M&As are placed before the CCI for approval and smaller ones do not add to the regulator’s workload. The amendments proposed by the Corporate Affairs Ministry have been circulated to other ministries including finance, commerce and industry and law, for comments. The Ministry hopes to place the amendments before the Cabinet soon and move an Ordinance later this month.
source : indian express