The government's move to relax a requirement for combinations under the competition law will remove "artificial timing pressures" and provide relief, especially for parties involved in deals requiring multi- jurisdictional filings, says a report. Following the relaxation, an individual or enterprise that is party to a combination is not required to seek fair trade regulator Competition Commission of India's (CCI) nod within 30 days of finalising a particular deal.
Legal firm Shardul Amarchand Mangaldas said elimination of a filing deadline is a recommended practice by the International Competition Network and brings India in line with the global standards. "While notifiable transactions will still require approval from the CCI prior to closing and remain subject to penalties for gun-jumping, the elimination of the filing deadline will remove artificial timing pressures on filing parties and facilitate the coordination of multi jurisdictional merger reviews," it said in a report.