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ARTICLE · 03 JULY 2017

Exemption From Notifying Within 30 Days: Belated Blessings!

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The Ministry of Corporate Affairs has notified a significant amendment on 29 June 2017 regarding the time-period within which a transaction is to be notified to the Competition Commission of India (CCI).

IndiaAntitrust/Competition Law
Avaantika Kakkar
Avaantika Kakkar
Dhruv Rajain
Dhruv Rajain
Arunima Chatterjee
Arunima Chatterjee
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The Ministry of Corporate Affairs has notified a significant amendment on 29 June 2017 (Notification) regarding the time-period within which a transaction is to be notified to the Competition Commission of India (CCI). Parties to a combination are now exempt from filing a notification within 30 days of the execution of the relevant trigger document (Exemption). The Exemption however, remains subject to gun-jumping provisions of the Competition Act, 2002 (as amended) (Act). Gun-jumping refers to the part or complete consummation of a transaction prior to receiving the CCI's approval. This Exemption is available to parties for a period of 5 years from the date of the Notification (i.e., 29 June 2022) and is not available retrospectively.

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