The provisions of the Competition Act, 2002, relating to regulation of combinations had come into force in June, 2011. Amendments to these have now been made to relax certain requirements.
According to the amendments made in February, the regulations do not require a notice to be filed for acquisition of shares or voting rights of companies if the acquisition is less than 5% of the shares or voting rights in a financial year, where the acquirer already holds more than 25% but less than 50% of the shares or voting rights.
And in a step that would significantly reduce compliance requirements, the provision for giving notice is now dispensed for mergers/amalgamations involving two enterprises where one of the enterprises has more than 50% shares or voting rights of the other enterprise.Similarly, the requirement of giving notice is also dispensed for merger or amalgamation of enterprises in which more than 50% shares or voting rights in each of such enterprises are held by enterprise(s) within the same group.
The relaxation would not apply where the acquired enterprise is jointly controlled.
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