NEW DRAFT ON M&A REGULATIONS : CCI

The Competition Commission of India (CCI) has come out with amended draft regulations pertaining to penalties, companies of production and merger, acquisition and amalgamations. The Competition Act, 2007, cleared by Parliament in September’07, had proposed that any company with assets of Rs. 1,000 Crore or more and a turnover of Rs. 3,000 Crore or more has to mandatory seek the CCI’s approval for any ‘combination’ (merger, acquisition or amalgamation) within 30 days of linking the deal. The CCI will give its verdict within 210 days.