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Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Amendment Regulations, 2016

Allied Laws - ADVT. III/4/Exty./314 - Dated:- 7-1-2016 - THE COMPETITION COMMISSION OF INDIA NOTIFICATION New Delhi, the 7th January, 2016 The In exercise of the powers conferred by section 64 of the Competition Act, 2002 (12 of 2003), the Competition Commission of India hereby makes the following regulations further to amend the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011, namely:- 1. Short title and commencemen .....

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announcement has been made in terms of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, for acquisition of shares, voting rights or control, such public announcement shall be deemed to be the other document . ; (2) in regulation 6, in sub-regulation (2), the words and verified shall be omitted; (3) in regulation 9,- (a) in sub-regulation (1), in the proviso, for the words board of directors of the company for the said purpose , the .....

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opportunity of being heard to the parties to the combination in accordance with regulation 24 of these regulations before deciding to invalidate a notice: Provided further that the period between the commencement of proceedings under sub-regulation (2A) of regulation 14 of these regulations till the decision of the Commission regarding validity of the notice, shall be excluded from the period specified in sub-section (11) of section 31 of the Act and sub-regulation (1) of regulation 19 of these .....

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whose shares or voting rights are being acquired to the extent of their respective shareholding; and (B) the Acquirer is not a member of the board of directors of the enterprise whose shares or voting rights are being acquired and does not have a right or intention to nominate a director on the board of directors of the enterprise whose shares or voting rights are being acquired and does not intend to participate in the affairs or management of the enterprise whose shares or voting rights are be .....

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