CCI to approve bulk of M&A proposals in month

Monday, 29 November 2010, 17:57 Hrs
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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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