Source : Indlaw
The Competition Commission of India (CCI) is going to finalise a new notification on Corporate Mergers & Acquisitions (M&A) at its meeting on April 29 and gazette it on May 1, 2011.
Its objective is to promote competitiveness in the market and safeguard the consumer interest, keeping in view the economic growth of the country said Mr Dharendra Kumar CCI Chairman, addressing an interactive meeting of representatives of CII, FICCI, Assocham and Indian Merchants’ Chamber and Law Firms organized by IMC on April 25 to consider the Commission’s discussion paper on Regulation of Combinations.
The Union Minister of Corporate Affairs (MCA) Mr. Murli Deora, chaired the meeting and the Secretary to MCA, Mr. D K Mittal and Mr Kumar interacted with a galaxy of industrialists and top legal experts specializing in M&A. IMC President, Mr. Dilip Dandekar, welcomed the Minister and other distinguished speakers and members of the audience.
Mr Deora later told reporters that a new policy on corporate affairs would be chalked out soon.
He said that his Ministry would also consult the Union Finance Ministry, RBI and SEBI before finalizing the notification for laying down Rules for M&A by corporates.