CCI:
The Competition Commission of India (“CCI”) has notified “The Competition Commission of India(Procedure in regard to the transaction of business relating to combinations) Amendment Regulation, 2016”. As part of its ongoing efforts to make M&A filing requirements simpler and readily acceptable to various stakeholders, CCI has further revised its Combination Regulations, making them more forward looking, in keeping with some of the best practices in other jurisdictions. A new proviso in sub regulation (8) has been substituted which provides where a public announcement has been made in terms of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, for acquisition of shares, voting rights or control, such public announcement shall be deemed to be the “other document”. Further, a new proviso has been inserted which provided that the Commission may give an opportunity of being heard to the parties to the combination in accordance with regulation 24 of these regulations before deciding to invalidate a notice.
DGFT – IEC:
Directorate General of Foreign Trade (DGFT) has laid down the procedure for modification / change in Branch office / Registered office address in IEC involving change in jurisdiction RA. Now onwards, a request to that effect will have to be made to the new RA to whose jurisdiction the applicant is shifting its office and simultaneously a request with application details should also be submitted to the old RA. On the basis of the application, old RA will transfer the IEC file to the new RA which shall make all necessary amendments. Further new RA shall allow the person in its new address to carry out necessary functions and also apply for eligible benefits as per FTP.
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