Answer ... The substantive aspects of the Indian merger control regime are set out under the Competition Act, 2002 (specifically, Sections 5, 6, 20, 29 and 31). The procedural aspects are largely covered under the Competition Commission of India (Procedure in Regard to the Transaction of Business Relating to Combinations) Regulations, 2011 (the ‘Combination Regulations’).
Answer ... No special rules or regimes apply in specific sectors. However, the government of India issues notifications from time to time, to exempt transactions involving parties in the following sectors from the notification requirement:
- public sector enterprises in the oil and gas sectors;
- nationalised banks; and
- regional rural banks.
Answer ... Notifiable transactions are reviewed and regulated by the Competition Commission of India (CCI), a quasi-judicial body set up under the Competition Act, 2002 . The CCI has the following powers:
- the power to approve transactions (Section 31(1));
- the power to disapprove/block transactions (Section 31(2));
- the power to impose modifications/conditions (ie, remedies) to a transaction (Section 31(1));
- the power to impose penalties for failure to comply with its orders (Section 42);
- the power to impose penalties for failure to comply with its directions (Section 43);
- the power to impose penalties for failure to notify a transaction (Section 43A); and
- the power to impose penalties for furnishing false or incomplete information on a transaction (Sections 44 and 45).