Competition watchdog CCI on Friday said it will come out with final draft regulations of the merger and acquisition provisions within a fortnight, which would make it mandatory for companies to seek the commission’s approval before takeovers.

“We will come out with the final draft of Regulations in 10-15 days. We have received a good number of responses from all stakeholders, including feedback from abroad. We have studied them and are now holding final consultations,” CCI Chairman Mr Dhanendra Kumar told reporters after a two-day meet with industry representatives and senior corporate lawyers.

While he did not commit if there would be changes in the draft regulations, Mr Kumar said the Commission will not turn a deaf ear to genuine concerns and was positive for a smooth implementation from June 1, 2011.

Coming June 1, all large companies would require seeking the Competition Commission of India’s (CCI’s) approval before going ahead with merger and acquisitions. The CCI has been empowered to do so with the notification of sections 5 and 6 of the Competition Act, 2002.

He added that the Commission is also gearing up to facilitate e-filing for companies for “a hassle-free” implementation.

Yesterday, Corporate Affairs Secretary Mr D K Mittal had said that corporate representatives have raised the issue of high fees that companies would have to pay for seeking CCI approval.

The issues concerning impact of merger of MNCs over their Indian subsidiaries was also raised at the meeting. The industry wanted that such mergers should be kept out of the purview of the norms.

Mr Mittal has also said that the CCI would address concerns of the companies with regard to issuance of bonus shares and transfer of equity in case of mergers.

According to provisions of the Act, companies with a turnover of over Rs 1,500 crore will have to approach the CCI for approval before merging with another firm.

Among other things, CCI would take a prima facie view on proposed combinations within a month of filing by companies, addressing a major concern of industry about the time limit the body would take to vet mergers.

Also, the maximum time limit the CCI would take to vet mergers has been reduced to 180 days, from the earlier 210 days, after facing opposition from the industry.

Besides, only those proposals would need the CCI’s nod where the companies have combined assets of Rs 1,000 crore or more, or a combined turnover of Rs 3,000 crore or more.

Also, the target company’s net assets have to be a minimum of Rs 200 crore or it should have a turnover of Rs 600 crore for CCI intervention.

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