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In order to make mergers and acquisitions (M&A) filing requirements simpler and more transparent, the Competition Commission of India (CCI) has revised its Combination Regulations.
“A key change is limiting the definition of the term ‘other document’ to a communication conveying the intention to make an acquisition to a Statutory Authority,” an official statement said.
The proposed amendments provide flexibility to parties regarding signing of the notice. Any person duly authorised by the board of directors may sign the notice, and the number of copies of notice to be filed with the Commission has also been reduced, it added.
The competition watchdog has also revised Form I. Notes to the forms would be published to provide guidance to the notifying parties regarding the information that is required to be filed in a notice.
The amendments also provide that a summary of every combination under review will be published on CCI’s Web site so that stakeholders have an opportunity to submit their comments regarding the proposed combination.
It has also modified the timelines for Phase-I review from 30 calendar days to 30 working days and has also given itself a clock stop of 15 working days during Phase I to seek comments from third parties, the statement added.
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