Competition Commission to fast track M&A cases

MUMBAI: Competition Commission of India (CCI) would try to clear the merger and acquisition (M&A) cases referred to it as fast as possible, members of the new anti-trust body said today.

The government is planning to refer all the merger and acquisition cases to the commission, which started functioning about a month ago, to ensure there is no abuse of competition law arising out of such matters.

Speaking at a meeting organised by Indian Merchants' Chamber here today, R Prasad, Member, CCI, said in many countries majority of the M&A cases are cleared in a short time. Here also the commission will clear most of the cases in 30 days, he aid.

Geeta Gouri, another member, said the government has so far not come out with notification making it mandatory for corporates to refer M and A cases to the commission but it is likely to do so soon.

Meanwhile, the commission has decided to levy Rs 50,000 as fee for each case or complaint referred to it.

However, she said the commission would examine whether the fee is high.

The commission has received only two cases so far, she said.