To make compliance process easier for companies, the Competition Commission of India (CCI) plans to provide assistance in "substantiative" matters pertaining to mergers and acquisitions.
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Companies entering into combinations or mergers and acquisitions (M&A) have to seek approval of the CCI, which has the mandate to keep a tab on unfair trade practices at the market place.
CCI Chairman Ashok Chawla on Saturday said the commission plans to help companies involved in combinations with regard to substantiative matters. "We are looking at the next stage where our officers will look at the substantiative issues (related to combinations)," he said.
At present, companies can avail facility of informal and verbal consultation with the staff of CCI prior to the filing of notice to a proposed combination. However, such interactions are now restricted to procedural aspects.
According to Chawla, the opinions expressed during consultations on "substantiative matters" related to combinations would not be binding on the parties.
Such an initiative would be a step in the right direction, he said while speaking at an event organised by industry body Assocham.
Besides, the regulator is looking at the possibility of tweaking guidelines for M&As after having discussions with various stakeholders.
So far, the Commission has approved about 160 combinations.
The Commission is in the process of taking a final decision on easing the regulatory compliance process with regard to M&A deals.
"We are in the process of taking a final decision on this and it will be put out in the public domain shortly...," Chawla said.
The regulator is looking to ensure that matters which need to be carried right to the stage of adjudication and enforcement should get completed in about one year's time "as the sting in the information of complaint to that extent is lost if every routine case takes long," he noted.
Chawla said there are issues of manpower, capacity and the process of adequate learning with regard to investigation, which is critical for enforcement of competition law
"... we have got some changes made with the help of the government in terms of staffing and my own sense is that in the next 3-4 months we should be better equipped to handle this whole process and capacity keeps on improving as they handle more and more difficult cases," he said.
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