CCI Modifies M&A Rules On Withdrawal, Refiling Of Notices For Clearance
The Competition Commission of India today amended the combination regulations with regard to withdrawal and refiling of notices seeking approvals to provide faster disposal of merger and acquisition cases.
The combination rule pertains to mergers and acquisitions.
In July, the fair trade regulator had invited comments for the amendments in the CCI Regulations concerned with the procedure in regard to the transaction of business relating to combinations.
The CCI notified the change in a tweet,
According to the notification, the CCI may on the request of parties allow the withdrawal and refiling of a combination notice.
Besides, in case the notice is withdrawn, the fee already paid would be deducted from the amount payable in respect of the new notice given by the parties to the combination, provided that the new notice is given within three months from the date of withdrawal.
With amendments coming into effect, the parties can now offer modifications to the combination, even while responding to the show cause notice.
Previously, combination rules allowed parties offer modifications before the CCI formed a prima facie opinion regarding the proposed merger and issues show cause notice. Combinations beyond a certain threshold mandatorily require approval from the regulator.