{"id":61343,"date":"2023-04-04T16:06:40","date_gmt":"2023-04-04T10:36:40","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=61343"},"modified":"2023-04-04T16:06:42","modified_gmt":"2023-04-04T10:36:42","slug":"competition-amendment-bill-2023-merger-control","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/competition-amendment-bill-2023-merger-control","title":{"rendered":"Competition (Amendment) Bill 2023: Merger Control<\/strong>"},"content":{"rendered":"\n

<\/p>\n\n\n\n

The Competition (Amendment) Bill, 2023, passed by the Indian Parliament on 3 April 2023, is set to introduce a number of key changes to streamline the Competition Commission of India\u2019s merger review process. These key changes include introduction of deal value thresholds, codification of the standard of \u2018control\u2019, shortened review timelines for the CCI, and relaxations for the notification of open market purchases to the CCI.<\/p>\n\n\n\n

Deal Value Thresholds<\/u><\/em><\/strong><\/p>\n\n\n\n

Currently, the Indian competition law regime only prescribes asset and turnover based thresholds and if either test is met (and no exemption is available), a notification is required. The Bill proposes the introduction of an additional threshold, requiring notification of transactions with a deal value in excess of INR 2,000 crore,where either party has \u201csubstantial business operations in India<\/em>\u201d. What will qualify as \u201csubstantial business operations in India<\/em>\u201d is set to be prescribed in regulations that will be issued by the CCI.<\/p>\n\n\n\n

This change stems from the CCI\u2019s inability to review a number of transactions in the digital and infrastructure sectors which are not notifiable, as the assets and \/ or turnover value are below the jurisdictional thresholds.<\/p>\n\n\n\n

It remains to be seen what test is adopted by the CCI for assessing \u201csubstantial business operations in India<\/em>\u201d. If the net is cast too wide, it may lead to a flood of additional transactions having to be notified to the CCI. Given that the proposed deal value thresholds are fairly low, it also remains to be seen how the CCI will seek to define the deal value, especially since consideration of the transactions may be structured in multiple ways.<\/p>\n\n\n\n

Quotes<\/em><\/strong><\/p>\n\n\n\n

    \n
  1. Shweta Shroff Chopra, Partner<\/strong><\/li>\n<\/ol>\n\n\n\n

    \u201cThe introduction of deal value thresholds is one of the most important changes proposed under the Bill. It stems from the CCI\u2019s inability so far to review a number of transactions in the digital and infrastructure space (including killer acquisitions) which were not reportable, as the assets and \/ or turnover value were below the de minimis<\/em> target exemption thresholds. While this change will increase the CCI\u2019s merger review jurisdiction, a lot will depend on how the CCI determines \u2018substantial local nexus\u2019 for the target.\u201d<\/p>\n\n\n\n

      \n
    • Gauri Chhabra, Partner<\/strong><\/li>\n<\/ul>\n\n\n\n

      \u201cIndia will join a growing number of jurisdictions proposing to introduce deal value thresholds in their merger control framework. If introduced, parties will need to be very mindful while assessing notifiability requirements in India as potentially even foreign to foreign transactions (with a presence \/ subsidiaries in India) could be caught.\u201d
      <\/u><\/em><\/strong><\/p>\n\n\n\n

      Open Market Purchases<\/u><\/em><\/strong><\/p>\n\n\n\n

      In India, no notifiable transaction can be consummated, wholly or partly, prior to the CCI\u2019s approval. In the past, this suspensory regime has created hurdles for transactions involving open market purchases. As such acquisitions must be undertaken instantaneously and without prior disclosure to the public and given the price sensitivity, the requirements to notify the CCI and defer consummation till approval could render the transaction commercially unviable. In the past, there have been several gun jumping cases owing to the parties\u2019 inability to defer the consummation of open market purchases.<\/strong><\/p>\n\n\n\n

      Recognising these difficulties, in a welcome move, the Bill relaxes the timeline to notify open-market purchases and allows parties to notify a transaction after completing the purchase (the CCI is yet to notify the timelines for the notification through regulations). However, the acquirer will not be allowed to exercise any ownership or beneficial rights or interest in such securities, including voting rights and receipt of dividend or any other distributions, till the CCI approves the acquisition. This change will enable parties to complete open-market purchases, along with a timely notification to the CCI and alleviate gun-jumping risks.<\/p>\n\n\n\n

      While the change has been described as a welcome change, it remains to be seen what degree of relief the CCI\u2019s upcoming regulations will provide to stakeholders.<\/p>\n\n\n\n

      Quote<\/em><\/strong><\/p>\n\n\n\n

      Naval Chopra, Partner<\/strong><\/p>\n\n\n\n

      \u201cIn the past, the suspensory regime has created hurdles for transactions involving open market purchases \/ stock market acquisitions, and has even been the subject of gun jumping fines. Many investors will breathe a sigh of relief once the change for open market purchases is introduced\u201d.<\/p>\n\n\n\n

      Revised Timelines<\/u><\/em><\/strong><\/p>\n\n\n\n

      The CCI will now have an overall 150 calendar days to complete their review of a transaction, significantly reduced from the earlier 210 calendar days review period. Though welcome, the tighter deadline will put more pressure on the CCI and parties in complex cases, and heighten the risk of invalidation of filings.<\/p>\n\n\n\n

      The shortened review timeline means that substantive pre-filing consultations and early engagement with the CCI case team will be critical for avoiding invalidations and other timing issues, especially on global deals where coordinating approval timelines across jurisdictions is critical.<\/p>\n\n\n\n

      Quote<\/em><\/strong><\/p>\n\n\n\n

      Aparna Mehra, Partner <\/strong> <\/p>\n\n\n\n

      \u201cThe shortened review timeline means that substantive pre-filing consultations and early engagement with the CCI case team will be critical for avoiding invalidations and other timing issues, especially on global deals where any delays in the CCI\u2019s approval process can derail the overall timelines<\/em>\u201d.<\/p>\n\n\n\n

      Control<\/u><\/em><\/u><\/em><\/p>\n\n\n\n

      The standard of \u2018control\u2019 is often critical in determining whether a transaction will have to be notified. Over time, the CCI has shifted from the test of exercising \u2018decisive influence\u2019 to the lower standard of \u2018material influence\u2019 over the management, affairs or strategic commercial decisions of an enterprise. The Bill proposes to codify the lowest standard of control, i.e., \u201cmaterial influence<\/em>\u201d, without reference to the matrix of factors which need to be assessed in determining how this standard is satisfied.<\/p>\n\n\n\n

      As such, while the amendment endeavours to provide clarity on the scope of \u2018control\u2019, there remains continued ambiguity in the scope of material influence and how it is to be interpreted in different circumstances. The CCI could provide guidance through regulations on this aspect. <\/p>\n","protected":false},"excerpt":{"rendered":"

      The Competition (Amendment) Bill, 2023, passed by the Indian Parliament on 3 April 2023, is set to introduce a number of key changes to streamline the Competition Commission of India\u2019s merger review process. These key changes include introduction of deal value thresholds, codification of the standard of \u2018control\u2019, shortened review timelines for the CCI, and […]<\/p>\n","protected":false},"author":1,"featured_media":60692,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-61343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-law-news"],"yoast_head":"\nCompetition (Amendment) Bill 2023: Merger Control - Legal News India - Supreme Court & High Court Updates<\/title>\n<meta name=\"description\" content=\"The Competition (Amendment) Bill, 2023, passed by the Indian Parliament on 3 April 2023, is set to introduce a number of key changes to streamline the - Get the latest legal news from the Supreme Court, High Courts, and government. 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The Bill will enable the Competition Commission of India (CCI) to tackle today\u2019s competition issues.\u2026","rel":"","context":"In "Top Law News"","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":61348,"url":"https:\/\/www.legalindia.com\/news\/competition-amendment-bill-2023-penalty-to-be-levied-on-global-turnover","url_meta":{"origin":61343,"position":1},"title":"Competition (Amendment) Bill 2023: Penalty to be levied on global turnover","author":"Legal India Admin","date":"April 4, 2023","format":false,"excerpt":"The CCI will now be able to impose penalties on offending parties based on their \u201cglobal turnover derived from all the products and services\u201d as opposed to \u201crelevant turnover\u201d. 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Hearing the plea of the Indian Railways that\u2026","rel":"","context":"In "Top Law News"","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.in\/news\/wp-content\/uploads\/2012\/02\/hh7.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":27474,"url":"https:\/\/www.legalindia.com\/news\/cci-nominated-for-global-competition-review-awards-2013","url_meta":{"origin":61343,"position":3},"title":"CCI nominated for Global Competition Review Awards 2013","author":"Legal India Admin","date":"April 1, 2013","format":false,"excerpt":"For the Global Competition Revies (GCR) 2013\u00a0\u00a0Awards the Competition Commission of India (CCI) has been nominated, under the category of 'Agency of the Year Asia Pacific, middle East and Africa'. It is very first time that the CCI has been nominated for this internationally prestigious award, Ministry of Corporate Affairs\u2026","rel":"","context":"In "Top Law News"","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":61072,"url":"https:\/\/www.legalindia.com\/news\/indias-future-retail-discloses-new-documents-to-bolster-case-against-amazon-deal","url_meta":{"origin":61343,"position":4},"title":"India\u2019s Future Retail Discloses New Documents To Bolster Case Against Amazon Deal","author":"Legal India Admin","date":"November 15, 2021","format":false,"excerpt":"Independent directors at\u00a0India\u2019s\u00a0Future\u00a0Retail have disclosed\u00a0new\u00a0documents\u00a0in a letter to the country\u2019s antitrust watchdog aiming to\u00a0bolster\u00a0their\u00a0case\u00a0against\u00a0Amazon.com Inc as they seek to revoke a 2019\u00a0deal\u00a0between the two companies. A 160-page stock exchange filing on Sunday showed the directors reviewed records related to the 2019\u00a0deal\u00a0between a group unit,\u00a0Future\u00a0Coupons, and\u00a0Amazon, and argued that disclosures by\u2026","rel":"","context":"In "Corporate Law News"","block_context":{"text":"Corporate Law News","link":"https:\/\/www.legalindia.com\/news\/category\/corporate-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2021\/11\/Case-Against-Amazon-Deal.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":22177,"url":"https:\/\/www.legalindia.com\/news\/restrictive-trade-practices-cci-imposes-penalty-on-shree-cement","url_meta":{"origin":61343,"position":5},"title":"Restrictive Trade Practices: CCI imposes penalty on Shree Cement","author":"Legal India Admin","date":"July 30, 2012","format":false,"excerpt":"In a case of restrictive trade practices the Competition Commission of India(CCI) has imposed a penalty of Rs. 397.51 crore on Shree Cement \u00a0while issuing final order in the case against cement manufacturers and their trade body Cement Manufacturers Association (CMA). The CCI said \u201cThe Commission has also imposed a\u2026","rel":"","context":"In "Top Law News"","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_shortlink":"https:\/\/wp.me\/p6H5Bf-fXp","jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/61343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/comments?post=61343"}],"version-history":[{"count":0,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/61343\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media\/60692"}],"wp:attachment":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media?parent=61343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/categories?post=61343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/tags?post=61343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}