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FICCI apprehensive over Competition Act, 2002
14 Feb '08
2 min read
Further, Section 5 defines “combinations” by reference to assets and turnover: exclusively in India; and in India and outside India.
The turnover thresholds, however, are biased against the Indian company. For example, an Indian company with turnover of Rs. 3000 crores cannot acquire another Indian company without prior notification and approval of the Competition Commission.
On the other hand, a foreign company with turnover outside India of more than USD 1.5 billion (or in excess of Rs. 4500 crores) may acquire a company in India with sales just short of Rs. 1500 crores without any notification to (or approval of) the Competition Commission being required.
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The turnover thresholds, however, are biased against the Indian company. For example, an Indian company with turnover of Rs. 3000 crores cannot acquire another Indian company without prior notification and approval of the Competition Commission.
On the other hand, a foreign company with turnover outside India of more than USD 1.5 billion (or in excess of Rs. 4500 crores) may acquire a company in India with sales just short of Rs. 1500 crores without any notification to (or approval of) the Competition Commission being required.
Click here to view more:
Federation of Indian Chambers of Commerce and Industry
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