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As many as 230 persons, including ex-Finance Secretary Ashok Chawla, former Corporate Affairs Secretary R Bandyopadhyay and other senior bureaucrats and eminent economists have lined up for the two high profile jobs at the country’s anti-monopoly watchdog, Competition Commission of India (CCI).
The government will notify the new rules for corporate mergers and acquisitions on May 5, following which it will be mandatory for companies to seek the Competition Commission”s approval for high voltage deals, Chairman Dhanendra Kumar said today. By May 3-4, the rules will be finalised and by May 5, we will notify the same. And by June 1, the provisions relating to mergers and acquisition approvals would come into effect, Kumar told reporters on the sidelines of an AMCHAM event here.
The regulations governing mergers, acquisitions and combinations under the Competition Act would be finalised by May 1, and implemented from June 1, said Minister for Corporate Affairs, Murli Deora, here today. The revised draft of regulations is in the final stages and we expect the notification to be finalised by May 1,” he told reporters at an event organised by the Indian Merchants Chamber (IMC) here today.
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.
Government is committed to bringing in a fair merger and acquisition regime in the country, so that these regulations become an instrument of economic growth of the country. He said there is no denying the fact that effective and fair competition is a must for an orderly development of economy and compliance with the provisions of the competition law absolutely essential to attain this goal. However, this should not stifle the pace of M & A activity in India which is absolutely necessary for India’s economic growth at this juncture.
Competition is the best means of ensuring that the ‘Common Man’ or ‘Aam Aadmi’ has access to the broadest range of goods and services at the most competitive prices. With increased competition, producers will have maximum incentive to innovate and specialize. This would result in reduced costs and wider choice to consumers. A fair competition in market is essential to achieve this objective. Our goal is to create and sustain fair competition in the economy that will provide a ‘level playing field’ to the producers and make the markets work for the welfare of the consumers.
Union Minister of Corporate Affairs Shri Murli Deora has convened a special meeting on 25th April, 2011 at Mumbai to listen the views of Corporate India on issues relating to competition. The meeting has been called after a discussion with Secretary, Shri D.K. Mittal Ministry of Corporate Affairs Shri D.K. Mittal and Chairman, Competition Commission of India, Shri Dhanendra Kumar on concerns raised by Corporate India on regulations of merger and acquisition by the Competition Commission of India w.ef. 1st June, 2011.
The Supreme Court has declined to admit a plea by the Central Circuit Cine Association, an apex body of film traders, challenging investigations against it by the fair trade regulator Competition Commission of India(CCI). The association moved the court after it failed to get relief from the Competition Appellate Tribunal (CAT) on the point that they don’t fall under the purview of the CCI Act.
On 4 March, 2011, the Ministry of Corporate Affairs issued four draft notifications relating to Combinations whereby: 1. 1 June, 2011 has been appointed as the date on which the provisions relating to Combinations would come into force; 2. The threshold limit prescribed in section 5 for an acquisition or merger to constitute a Combination requiring mandatory notification to the Competition Commission of India (CCI) has been raised by 50%, on the basis of the wholesale price index. The Act currently prescribes the following thresholds:
On 1 March, 2011, the Competition Commission of India (“CCI”) published new draft regulations, The Competition Commission of India (Procedure in regard to the transaction of business relating to combination) Regulations, 2011. Some key features of the draft regulations are: Consultation prior to filing notice of proposed combination: Parties to a proposed combination may make written request seeking informal and verbal consultation with the CCI about filing notices. However, CCI would not be bound by any opinion or view expressed during consultation.