CCI to approve bulk of M&A proposals in month
Tuesday, 30 November 2010, 06:27 IST
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New Delhi: Competition watchdog CCI today said that it would try to approve 95-96 per cent of the merger and acquisition proposals within a month of the filing. "Our attempt in the new competition regime would be to ensure that vetting is done as soon as possible. 95-96 per cent proposal would be cleared in 30 days. Few will only take longer," CCI Chairman Dhanendra Kumar said at an Assocham event here. Sections 5 and 6 of the Competition Act 2002 would empower the Competition Commission of India (CCI) to approve high voltage takeovers and mergers, which could have a bearing on competition in the market. Kumar said that as mergers and acquisitions were important for the economy, the Commission's intention was not to retard growth but promote it.
Source: PTI
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