Retired cop, former WhatsApp compliance officer among 3 fresh appointments to Competition Commission of India

Centre appointed three new members to the Competitors Fee of India (CCI) on Tuesday with an goal to expedite the antitrust regulator’s decision-making processes. As per the information company Reuters, contemporary appointments are made the oversee a number of circumstances. The appointments improve the power of CCI members to 4 now together with Chairperson Ravneet Kaur.

The three members embody Anil Agrawal, former Director Common of Police and former Further Secretary on the Division for Promotion of Business and Inside Commerce. He labored on numerous startup initiatives as per the Reuters report.

Sweta Kakkad, former interim chief compliance officer at WhatsApp, and Deepak Anurag who has served on the workplace of Comptroller and Auditor Common are the opposite two officers appointed as members of the antitrust physique.

The contemporary appointment will come as a aid for the CCI as many selections had been delayed because of a lack of quorum. In accordance with the rules, the presence of a quorum is a needed requirement when contemplating investigation experiences and approving adjudication orders on the CCI. Final yr, the fee confronted a scenario the place it could not acknowledge investigation experiences because of an inadequate quorum.

Draft guidelines concerning company mergers and acquisitions

The Competitors Fee of India (CCI) has not too long ago launched its draft rules regarding corporate mergers and acquisitions for the aim of public consultations

The draft guidelines embody a provision regarding the implementation of a newly launched deal worth threshold (DVT), which can necessitate pre-approval from the CCI for transactions exceeding 2,000 crore in worth. What’s noteworthy is that this ‘deal worth’ calculation would embody the entire value of any investments made within the goal firm by any entity inside the acquirer group over the previous two years.

The rethink on the foundations on company mergers comes following Fb’s acquisition of WhatsApp, which managed to keep away from antitrust examination regardless of having a deal worth of $19 billion.

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Up to date: 19 Sep 2023, 05:52 PM IST

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