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Draft combination regulation to be finalized by 1 May

Draft combination regulation to be finalized by 1 May
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First Published: Thu, Apr 21 2011. 06 57 PM IST
Updated: Thu, Apr 21 2011. 06 57 PM IST
New Delhi: A month before the Competition Commission of India (CCI) starts scrutinising mergers and acquistions above a certain size in terms of sales or assets the CCI will finalize the draft regulation detailing the process of scrunity, according to CCI chairman Dhanendra Kumar.
Kumar and his officials met members of the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII) on Thursday to hear about industry’s concerns.
Industry’s concern was on the need to notify trasactions which will have no adverse effect on competition and also paying stiff fees for such notifications.
“These include acquisition of one or more shares, internal reorganisation, stock in trade, raw materials, stores and space, issue of bonus shares, division of shares etc.,” said Vijaya Sampath, Co Chair, FICCI Corporate Law Committee.
Shardul Shroff, chairman Amarchand Mangaldas said CCI needs to bring about clarity on various issues including threshold limits, confidentiality that CCI needs to maintain besides aligning its regulation with that of other regulators such as the Securities and Exchange Board of India.
“We have taken note of all your concerns. We will work on them and then finalize the draft regulation. CCI will not be a roadblock in industry’s endevour to grow,” said Kumar.
Kumar added, after hearing the industry in other cities such as Mumbai, Bengaluru and Chennai CCI will finalize its draft regulation by 1 May.
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First Published: Thu, Apr 21 2011. 06 57 PM IST
More Topics: CCI | Mergers | Acquistions | Dhanendra Kumar | FICCI |