The Competition Commission of India (CCI) has once again started approving proposals related to Mergers & Acquisitions after a gap of about 4 months.
According to the Competition Commission of India (CCI), on Thursday, February 9, the CCI approved about 6 proposals related to corporate restructuring along with mergers and acquisitions.
The CCI currently has only two members, while the minimum quorum should be 3 members.
The Competition Commission of India (CCI) has once again started approving proposals related to Mergers & Acquisitions after a gap of about 4 months. According to the information, CCI approved about 6 proposals related to corporate restructuring along with mergers and acquisitions on Thursday, 9 February. The CCI on Thursday approved the proposed acquisition of up to 25 percent stake in Hindustan Ports Private Limited (HPPL), a wholly owned subsidiary of DP World, by the National Investment and Infrastructure Fund (NIIF) and the proposed acquisition of Hindustan Infralog Private Limited (HIPL) in HPPL. approved the proposed merger.
The CCI has further approved the internal restructuring relating to certain subsidiaries of Keemed Pvt Ltd, the acquisition of the textile business of Huntsman International by Arkroma Operations and the acquisition of compulsorily convertible preference shares of Hero Future Energies Global Ltd by Ardor Holdings II Pte Ltd. Subscription approved.
Please tell me that at present there are only two members in the CCI. For almost 2 months, the full-time chairman has not been appointed to the commission. The regulator needs a quorum of three members to approve merger deals. However, the CCI has invoked the emergency rule here and done away with the quorum requirement.
The Ministry of Corporate Affairs (MCA) had taken legal opinion from the Advocate General to do away with the requirement of a 3-member quorum in this matter. Our associate channel CNBC-TV18 had earlier reported quoting sources that the legal advisors have recommended scrapping the quorum requirement as it will take time to appoint new members.
According to the report, CCI currently has around 20 M&A deals awaiting merger, valued at around $1.3 billion. These deals can be seen getting approved in the coming days.
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