CLR Note: By virtue of the below circular, the original notification no. 482 (E), stands modified as follows by insertion of the words in underline:
In exercise of the Powers conferred by clause (a) of Section 54 of the Competition Act, 2002 (12 of 2003), the Central Government, in public interest, hereby exempts an enterprise, whose control, shares, voting rights or assets, are being acquired has either assets of the value of not more than Rs. 250 crores in India or turnover of not more than Rs. 750 crores in India from the provisions of Section 5 of the said Act for a period of 5 years.
Section 5 of the Competiotion Act deals with Combinations and stipulates that CCI nod will be required for Combinations falling under the criteria laid down by CCI.
Corrigendum to Notification GSR No. 482 (E) – MCA
GOI, MCA; dated 27th May, 2011
In the notification of the Government of India in the Ministry of Corporate Affairs vide GSR No. 482 (E), dated the 4th March, 2011, published at page 2 of the Gazette of India, Extraordinary, Part- II, Section 3, Sub- section (ii), dated the 4th March, 2011, namely:-
1. in line 5, for “has assets” read “has either assets”
2. in line 6, for “Rs. 250 crore or” read “Rs. 250 crore in India or”
3. in line 7, for “Rs. 750 crore from” read “Rs. 750 crore in India from”