Introduction
Timely consummation of global M&A transactions is of
critical essence and, to this end, securing the necessary approvals
(if needed) in due time and with no or less risks is critical to a
successful closing. Under the competition regime in India, any
person or enterprise, who or which proposes to enter into a
combination1 is obligated to notify the
regulator, Competition Commission of India
("CCI") and disclose its details
"within thirty days of execution of any agreement or other
document" for an acquisition. Failure to notify within the
statutory time empowers the CCI to impose penalties under Section
43A of the Competition Act, 2002
("Act"). The timing for the filing has
been debated enormously in various circles, both business and
legal. The clear understanding has been that the trigger event for
filing is the "date of the binding agreement to acquire."
This would give the parties 30 days to file. In a recent case of
Tesco, by imposing a hefty fine
