30-day filing timeline for M&As relaxed

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The Ministry of Corporate Affairs through Notification No. SO 2039 (E) dated 29 June relaxed the requirement for companies to file a notice with the Competition Commission of India (CCI) within 30 days of passing of an approval relating to the merger/amalgamation of, or execution of agreement for the acquisition or acquisition of control of an enterprise which would lead to the combination. However, any proposed combination is still precluded from coming into effect until the passage of 210 days from the date on which the notice for the proposed combination is filed with the CCI. Upon failure to give notice of a proposed combination, the CCI may impose a penalty which may extend to 1% of the total turnover or the assets, whichever is higher, of such combination.