CCI amends merger control regulations for fifth time

The Competition Commission of India has amended its merger control regulations for the fifth time in as many years. As per the amendments:

- CCI may now give parties the opportunity to be heard when deciding if a filing is invalid.

- Besides a binding agreement, the other filing trigger will be a public announcement under Sebi's takeover code

- The term 'solely as an investment' has been explained to mean acquisition of up to 10 percent with no board seat and no special rights — such acquisitions are exempt from CCI filing

- An investor holding between 25 percent and 50 percent in a company can increase its holding to 50 percent without seeking CCI approval

- And any person authorised by a company can file a notice with CCI, the person need not have to be authorised by the board