In a bid to provide faster disposal of merger and acquisition cases, the Competition Commission of India (CCI) on Wednesday amended the combination regulations with regard to withdrawal and refiling of notices seeking approvals.
In July this year, the fair trade regulator had invited comments for the amendments in the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations.
“In another significant amendment, where the notice is found to exhibit significant information gaps, parties to combinations are allowed to withdraw the notice and refile the same,” a government release said.
In case the notice is withdrawn, the fee already paid would be deducted from the amount payable in respect of the new notice given by the parties to the combination provided the new notice is given within three months from the date of withdrawal. With amendments coming into effect, the parties now can offer modifications to the combination even while responding to the show cause notice.
Previously, combination rules allowed parties offer modifications before CCI forms a prima facie opinion regarding the proposed merger and issues show cause notice.
Combinations beyond a certain threshold mandatorily require approval from the regulator, it said.