In order to simplify the filing requirements for mergers and acquisitions (M&A) and expedite their disposal, the Competition Commission of India (CCI) on Wednesday said it has revised its Combination Regulations.
"A key change brought about by the present amendments is that the parties to combinations can now submit remedies voluntarily in response to the notice issued under Section 29(1) of the Act.
"If such remedies are considered sufficient to address the perceived competition harm, the combination can be approved. This amendment is expected to expedite disposal of such combination cases," the CCI said in a statement.
As per Section 29(1) of the Competition Act, 2002, the Commission can issue a show-cause notice to the combining parties if it views the merger will have an adverse effect on competition. The parties are to respond within 30 days of the notice.
"CCI India amends the Combination Regulations vide notification dated October 9, 2018, to provide certainty and transparency and to expedite faster disposal of combination cases," the fair trade regulator said in a tweet.
In another significant amendment, parties to combinations are allowed to withdraw the notice where it is found to exhibit significant information gaps and refile the same.
"With this amendment, the parties could address the deficiencies without facing an invalidation by CCI. Further, fee already paid in respect of such notice shall be adjusted against the fee payable in respect of new notice, if the refiling is done within a period of three months," it said.
Besides, certain consequential and other clarificatory changes have also been made in the Combination Regulations, CCI said.
(With inputs from agencies.)