Competition Commission has proposed changes to norms with respect to seeking approval for combinations, including those related to withdrawal and refiling of notices seeking approvals.
Amendments have proposed to the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations.
The regulator has invited comments on proposed amendments till August 7, it said in a tweet.
According to a draft notification, the CCI plans to allow withdrawal and refiling of a combination notice.
In case the notice is withdrawn, the fee already paid would be deducted from the amount payable in respect of the new notice given by the parties to the combination. The fresh notice seeking approval has to be submitted within three months of withdrawing the earlier one.
Before the CCI forms an opinion, the parties to the combination may offer any modification, based on which the regulator may give its approval, as per the draft notification.
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The parties to the combination may offer modification to address the prima facie concerns in the notice along with their response to the same.
The regulator might also appoint agencies to oversee the modifications to the proposed combination in case it is of the opinion that there is a need for supervision.
"Where the Commission is of the opinion that the modification to the proposed combination needs supervision, it may appoint agencies to oversee the modification, on such terms and conditions as may be decided the Commission," the draft notification said.
Combinations beyond a certain threshold mandatorily require approval from the CCI.
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