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ARTICLE · 23 MARCH 2018

Competition Law Flash - March 2018

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Section 6 of the CA mandates that an enterprise intending an acquisition covered under section 5 of the CA, must give a notice to the CCI seeking its approval of the acquisition to the extent that such acquisition...

IndiaAntitrust/Competition Law
Varun Kalsi
Varun Kalsi
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1. Requirement of notice for acquisition of company facing proceedings under IBC

Section 6 of the CA mandates that an enterprise intending an acquisition covered under section 5 of the CA, must give a notice to the Competition Commission of India ("CCI") seeking its approval of the acquisition to the extent that such acquisition shall not cause and is not likely to cause an appreciable adverse effect on competition within the relevant market in India. Failure to furnish such notice to the CCI has repercussions under section 43A of the CA, which may extend to a penalty of 1% of the total turnover or assets, whichever is higher. Section 6 requires that in case of an acquisition, such notice shall be given within 30 days of "execution of any agreement or other document" concerning acquisition. Though the 30 day requirement has been done away with until June 28, 2022, vide an exemption notification of the Ministry of Corporate Affairs dated June 29, 2017, necessity of

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