A review of Mergers & Acquisitions in India
5.
CASE STUDIES (Post - Combination Regulation cases)
The Competition Act, 2002 [amended by the Competition (Amendment) Act, 2007] became fully operational from 1st June 2011 when the provisions regulating mergers and acquisitions were notified. The provisions related to combination are provided in Section 5, 6, 20, 29, 30, 31, 43A & 44 of the Act read with The Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011. The Commission as on date has passed the order under Section 31(1) of the Act in respect of 73 notices filed under Section 6(2) of the Act. The Commission has made the notice not valid in respect of 3 notices, which were filed under Section 6(2) of the Act. The Commission has so far not taken any case of combination notice to the detailed investigation (phase II) under the provisions of Section 29 of the Act.
The Commission has also noted the details of acquisition made by PFI/ VCs/ FIIs/ Banks in terms of covenants of loan/ investment agreement entered into with the parties, in respect of which three cases filed in Form III in terms of Section 6(4) & 6(5) of the Act. Out of the above I have selected five cases for the purpose of this report with a view to assess the parameters/ framework which the CCI considers while assessing/ analyzing the M&A filing of the proposed combination made under Section 6(2) of the Act. I have based my study only on the basis of the facts in public domain by the Commission. Therefore, in the absence of complete details about the proposed Combination as filed by the parties in the notice(s), my analysis of these cases is only limited in nature & scope.
Hari Krishan, Intern - CCI, September 2012
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