The New Merger Control Regulations in India
Satish Kumar, Head Legal, Polaris Software, The New Merger Control Regulations in India
From June 1, 2011, the Competition Commission of India (CCI) will have the power to intervene in all major mergers and acquisitions in the country. It has become mandatory for the corporate to notify transactions to obtain clearance from the CCI prior to closing the deal.
The (Indian) Competition Act, 2002 (‘Act’) was enacted in January 2003 but its implementation was delayed due to legal challenges followed by the process of amendments to the Act. The Act’s provisions against anti-competitive agreements and abuse of dominance were implemented with effect from May 20, 2009, but commencement of the merger regulation had been put off to a later date.
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