Introduction
About this time each year, CNBC raises the adage "Sell
in May and go away," about the U.S. stock market. This
year was no different. For the first time, however, this might also
apply to Indian M&A and private equity activity. Effective June
1, 2011, the Competition Commission of India ("CCI")
issued a series of regulations entitled "The Competition
Commission of India (Procedure in regard to the transaction of
business relating to combination) Regulations" under the
Indian Competition Act of 2002. Under these regulations, most
M&A and private equity transactions in India will be subject to
a pre-merger notification process somewhat similar to the
Hart-Scott-Rodino ("HSR") Act process in the United
States. Unlike the HSR process, however, under which most
transactions are deemed approved within 30 days after filing, the
Indian regulations have a waiting period of up to 210 days, which
can be extended. The regulations apply to Indian entities
(acquirers
