Proposed amendment to Indian law is not sensible
Rarely would we have imagined, even a decade ago, that an amendment to Indian M&A law would have such far reaching implications across the globe. But with so much dependence on the Indian economy now, this comes as no surprise today.
The Indian government has come under the scanner for introducing merger control amendments to its competition act of 2002. As per the provisions, any company which does business in India will have to seek permission from the government in an event of it being involved in M&A activity, even when it does not involve Indian operations at all! It is believed that the government has brought these changes to safeguard interests of domestic companies. The us and several other bar associations have voiced severe concerns. The matter has even reached the us Congress in order to pressure India. According to Rajesh Menon, Senior Director, CII, “This would lead to the possibility of some deals not fructifying and eventually slowing down the process of economic growth in India.”
Rarely would we have imagined, even a decade ago, that an amendment to Indian M&A law would have such far reaching implications across the globe. But with so much dependence on the Indian economy now, this comes as no surprise today.
The Indian government has come under the scanner for introducing merger control amendments to its competition act of 2002. As per the provisions, any company which does business in India will have to seek permission from the government in an event of it being involved in M&A activity, even when it does not involve Indian operations at all! It is believed that the government has brought these changes to safeguard interests of domestic companies. The us and several other bar associations have voiced severe concerns. The matter has even reached the us Congress in order to pressure India. According to Rajesh Menon, Senior Director, CII, “This would lead to the possibility of some deals not fructifying and eventually slowing down the process of economic growth in India.”
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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