Corporate Updates – 09-07-2015


CCI with an intend to make M&A filing requirements simpler and readily acceptable to various stakeholders, has made Amendments to Combination Regulations, making them more forward looking, in keeping with some of the best practices in other jurisdictions. A key change brought about by the present amendments is in relation to the definition of the term “other document” which has now been limited to a communication conveying the intention to make an acquisition to a Statutory Authority. The proposed amendments provide flexibility to parties regarding signing of the notice and the number of copies of notice to be filed with the Commission has also been reduced. Further, to bring in greater transparency regarding the review process, the amendments provide that a summary of every combination under review will be published on the website of CCI.


The Central Board of Excise and Customs hereby specifies the following conditions, safeguards and procedures for issue of invoices, preserving records in electronic form and authentication of records and invoices by digital signatures. Every assessee proposing to use digital signature shall use Class 2 or Class 3 Digital Signature Certificate duly issued by the Certifying Authority in India and shall intimate various details to the jurisdictional Deputy Commissioner or Assistant Commissioner of Central Excise, at least fifteen days in advance. Further, if assessee is already using digital signature, then intimation to the jurisdictional Deputy Commissioner or Assistant Commissioner of Central Excise the above details within fifteen days of issue of this notification. All records maintained in electronic form, shall be open for verification by Central Excise Officer, and assessee shall ensure that appropriate backup of records in electronic form is maintained and preserved for a period of 5 years immediately after the financial year to which such records pertain.

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