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 A new merger control philosophy

CCI norms on mergers and acquisitions this week
May, 03rd 2011

The Competition Commission of India (CCI) will bring out the guidelines on mergers and acquisitions by May 5. The anti-trust body has received a fresh set of recommendations from several law firms.

The terms of "joint venture" and the existing multiplicity of regulatory frameworks with divergent disclosure requirements is an area that needs to be addressed by the CCI. Earlier, various stakeholders had voiced their concern over the issue.

"We want to be as accommodative as possible and we would like to incorporate as many important clauses as we can, and we are currently working on the same," Dhanendra Kumar, chairman CCI told Hindustan Times.

Concerns were raised by various stakeholders that the multiple regulatory mechanism which often overlaps must be taken into consideration to reduce regulatory hassle.

Last month, CCI notified sections 5 and 6 of the Competition Commission Act, 2002, which deals with M&A but it is yet to finalise the rules.

The ministry of corporate affairs and CCI have already held several rounds of meetings with industry chambers and stakeholders on the issue in Bangalore, Hyderabad and Mumbai last month.

Companies with a turnover of over Rs 1,500 crore will have to approach the CCI for approval before merging with another company.

The corporate affairs ministry has, however, set a note of caution to industry and underlined that the CCI will check mergers that end up in creating monopolies or abuse of dominance harmful to consumers and small producers and impede orderly economic growth.

 
 
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