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Khaitan & Co. Update
In a welcome move, the Competition Commission of India has published the revised format of Form II (long form) to notify reportable transactions. While the overhauled format was published on March 31, 2022 by way of amendment to the CCI (procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (Combination Regulations), the requirement to comply will come into effect from May 01, 2022.
A Form II is typically required to be filed with the CCI where parties to a notifiable transaction (ie, transactions that breach prescribed financial thresholds) have a combined market share of over 15% (in horizontally overlapping markets) or over 25% (in vertically overlapping markets). Transactions involving a lesser combined market share of the parties can be notified by way of Form I (short form).
This amendment was in the offing for a while and has finally seen the light of the day. The amended form enlists more meaningful questions fundamental to competition impact assessment and does away with several onerous and superfluous questions.
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