CCI simplifies norms for mergers and acquisitions filings
January, 29th 2016
In a move to provide clarity and ease procedure of filing cases with fair trade regulator, the Competition Commission of India (CCI) on Tuesday amended its 2011 regulations on transaction of business.
The Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Amendment Regulations, 2016, has omitted certain regulations that were cumbersome for companies.
Some of the changes include replacing the definition of ‘signatories of a notice’, the word ‘board of directors of the company for the said purpose’ has been substituted with the word ‘company’; prior verification of forms filed for disclosing details of acquisition with CCI has also been done away with.
According to CCI, the changes are to streamline and simplify rules and procedures.
“The amendments are intended to facilitate easier compliance and boosts engagement of companies in all aspects,” said Ramesh Vaidyanathan, managing partner of Advaya Legal, a Mumbai-based corporate law firm.