The Ministry of Corporate Affairs (MCA), via its notification dated September 9, 2024, has introduced the Competition (Minimum Value of Assets or Turnover) Rules, 2024. These new rules, framed under the authority of Section 63(2)(a) of the Competition Act, 2002, establish updated thresholds for mergers and acquisitions that fall under the purview of the Act. Specifically, for transactions to be scrutinized under Section 5(e), the minimum value of assets has been set at ₹450 crore, while the minimum turnover has been defined as ₹1,250 crore. These revised figures come into effect on September 10, 2024. The notification emphasizes that any terms not explicitly defined in these rules will adopt the meanings assigned in the Competition Act, 2002. This update is expected to refine and streamline the regulatory oversight of significant business transactions, ensuring fair competition in the market.
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 9th September, 2024
G.S.R. 547(E).— In exercise of the powers conferred by clause (a) of sub- section (2) of section 63 of the Competition Act, 2002 (12 of 2003), the Central Government hereby makes the follo wing rules namely:–
1. Short title and commencement.- (1) These rules may be called the Competition (Minimum Value of Assets or Turnover) Rules, 2024.
(2) They shall come into force with effect from the 10th day of September, 2024.
2. Definitions.–– (1) In these rules, unless the context otherwise requires, “Act” means the Competition Act, 2002 (12 of 2003).
(2) The words and expressions used in these rules but not defined, shall have the same meanings, respectively assigned to them in the Act.
3. Minimum Value of Assets and Turnover.– For the purposes of clause (e) of section 5 of the Act,––
(a) the value of assets shall be rupees four hundred and fifty crore; and
(b) the value of turnover shall be rupees one thousand two hundred and fifty crore.
[F.No. Comp-05/4/2023-Comp-MCA]
MANOJ PANDEY, Addl. Secy.
