The finalisation of long pending M&A regulations could be the last feather in the cap of Dhanendra Kumar, the Chairman of Competition Commission of India (CCI), whose term ends next month. With the regulations in place, Kumar, who took over as the first chairman of CCI with just two members as his only official colleagues in 2009, would be leaving a fully functional 120-person strong organisation. Kumar talks to Joe C Mathew on the M&A regulation. Edited excerpts:
The M&A regulations are finally in place. To what extent did you succeed in taking care of the stakeholder concerns?
I would say we have taken care of all the concerns that are legally possible. It was a tightrope walk as we needed to keep the interests of the industry, the consumer and come out with the regulations that are within the overall parameters set by the Competition Act.
How many M&A cases are likely to come before the commission according to the new regulations?
It is difficult to say, but considering the overall M&A activity in India, it could be five to six in a month. The numbers could be more in the beginning, but then it will settle down in due course.
Industry stakeholders feel there are still grey areas that need clarification. Can we expect more changes?
The Commission is willing to bring in changes in the rules as and when required. It will be a dynamic process.
Competition Act allows for a review of the mergers that happened one year before the law comes in force. Does that mean M&As happened one year before June 1 can also technically be looked into by CCI?
No. All M&As happening before June 1 will be exempted.