Section 7 - Amendment of section 6 - Competition (Amendment) Act, 2023

Amendment of section 6. 7 . In section 6 of the principal Act, (a) in sub-section (2), (i) for the words within thirty days of , the words after any of the following, but before consummation of the combination shall be substituted; (ii) in clause (a), after the word, brackets and letter clause (c) , the words, brackets and letter and clause (d) shall be inserted; (iii) in clause (b), after the word, brackets and letter clause (a) , the words, brackets and letter and clause (d) shall be inserted; (iv) the following Explanation shall be inserted, namely: ' Explanation . For the purposes of this sub-section, other document means any document, by whatever name called, conveying an agreement or decision to acquire control, shares, voting rights or assets or if the acquisition is without the consent of the enterprise being acquired, any document executed by the acquiring enterprise, by whatever name called, conveying a decision to acquire control, shares or voting rights or where a public announcement has been made in accordance with the provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992) for acquisition of shares, voting rights or control such public document.'; (b) in sub-section (2A), for the words two hundred and ten days , the words one hundred and fifty days shall be substituted; (c) in sub-section (3), for the words and figures sections 29, 30 and 31 , the words, figures and letter sections 29, 29A, 30 and 31 shall be substituted; (d) for sub-sections (4) and (5) and the Explanation, the following shall be substituted, namely: '(4) Notwithstanding anything contained in sub-sections (2A) and (3) and section 43A, if a combination fulfils such criteria as may be prescribed and is not otherwise exempted under this Act from the requirement to give notice to the Commission under sub-section (2), then notice for such combination may be given to the Commission in such form and on payment of such fee as may be specified by regulations, disclosing the details of the proposed combination and thereupon a separate notice under sub-section (2) shall not be required to be given for such combination. (5) Upon filing of a notice under sub-section (4) and acknowledgement thereof by the Commission, the proposed combination shall be deemed to have been approved by the Commission under sub-section (1) of section 31 and no other approval shall be required under sub-section (2) or sub-section (2A). (6) If within the period referred to in sub-section (1) of section 20, the Commission finds that the combination notified under sub-section (4) does not fulfil the requirements specified under that sub-section or the information or declarations provided are materially incorrect or incomplete, the approval under sub-section (5) shall be void ab initio and the Commission may pass such order as it may deem fit: Provided that no such order shall be passed unless the parties to the combination have been given an opportunity of being heard. (7) Notwithstanding anything contained in this section and section 43A, upon fulfilment of such criteria as may be prescribed, certain categories of combinations shall be exempted from the requirement to comply with sub-sections (2), (2A) and (4). (8) Notwithstanding anything contained in sub-sections (4), (5), (6) and (7) (i) the rules and regulations made under this Act on the matters referred to in these sub-sections as they stood immediately before the commencement of the Competition (Amendment) Act, 2023 and in force at such commencement, shall continue to be in force, till such time as the rules or regulations, as the case may be, made under this Act; and (ii) any order passed or any fee imposed or combination consummated or resolution passed or direction given or instrument executed or issued or thing done under or in pursuance of any rules and regulations made under this Act shall, if in force at the commencement of the Competition (Amendment) Act, 2023, continue to be in force, and shall have effect as if such order passed or such fee imposed or such combination consummated or such resolution passed or such direction given or such instrument executed or issued or done under or in pursuance of this Act. (9) The provisions of this section shall not apply to share subscription or financing facility or any acquisition, by a public financial institution, foreign portfolio investor, bank or Category I alternative investment fund, pursuant to any covenant of a loan agreement or investment agreement. Explanation. For the purposes of this section, the expression (a) Category I alternative investment fund has the same meaning as assigned to it under the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992); (b) foreign portfolio investor has the same meaning as assigned to it under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019 made under the Securities and Exchange Board of India Act, 1992 (15 of 1992).'. **************** NOTES:- 1. Shall come into force w.e.f. 10th day of September, 2024 vide Notification No. S.O. 3846(E) dated 09-09-2024