CCI to facilitate e-filing for merger and acquisition cases from October 1
September, 08th 2015
The Competition Commission of India (CCI) will facilitate electronic filing of documents, including for its approval of merger and acquisition (M&A) proposals, with effect from October 1.
The move would help in faster disposal by CCI of M&A cases, whose numbers have been on an uptrend and may increase further by 20% this year.
"We are almost ready with our arrangements (on e-filings) and will offer the window from October 1," CCI chairman Ashok Chawla said at the CII Annual Conference on Competition law and practice here on Friday.
According to the Chairman, M&A filings for this year are likely to be 20% more than the previous year.
"There is atleast 15-20% increase in filings. Most of these have been from sectors where there is more economic activity in India such as pharmaceuticals, mines and minerals, financial, automobile and components," he said.
So far, the commission has dealt with atleast 300 cases related to mergers and acquisitions.
While noting that CCI now provides consultation process to M&A parties on substantive issues, Chawla said the response for the same has not been adequate.
He also said CCI has provided guidance to entities involved in M&As with respect to filing notices in a manner prescribed under the competition laws in the "first instance itself".
Meanwhile, CCI chief noted that only 40-45% cases pertaining to anti-competition were found to be worth carrying forward for probe on a initial basis by the CCI.