Dissecting the New Indian Merger Control Regime

Thursday, September 19, 2024
(02:00 PM – 03:00 PM IST)

INTRODUCTION:

Effective from September 10, 2024, the Indian merger control regime has been significantly overhauled by the Competition Commission of India (CCI). The two most significant changes introduced in the new merger control regime relate to (i) introduction of a Deal Value Threshold (INR 2,000 crores i.e. approx. USD 235 mn) as a criteria for notification of combinations; and (ii) new exemption provisions for exempting combinations from notification requirements. In addition to the above significant changes, CCI has also proposed other changes that will have an impact on the acquirers aiming at closing deals going forward.

A number of changes proposed are very subjective in nature and hence without careful assessment of the notification requirements, acquirers will carry significant risk of gun jumping.

In this webinar we will discuss some of the key changes introduced by CCI under the new Indian merger control regime, including:

• Detailed analysis of Deal Value Threshold and its impact on deal making
• Availability of Exemptions to certain combinations under the new rules
• Relaxations related to Open Offers in listed companies
• Comparison between the old merger control regime and the new merger control regime
• Do’s and Don’ts for Acquirers to avoid gun jumping

Flow of the session

02:00 PM to 02:45 PM (IST)	Panel Session
02:45 PM to 03:00 PM (IST)	Audience Q&A

 

Speakers:

Viral Mehta Lead, M&A and PE Practice Nishith Desai Associates

Viral brings with him over 25 years of experience, specializing in private equity, mergers and acquisitions, restructurings, and joint ventures. His extensive expertise in the financial services sector has guided clients through a multitude of complex transactions. Before joining NDA, Viral became the first lateral partner at S&R, and previously, he co-headed A&M Law Offices. Viral is a distinguished graduate of Government Law College, Mumbai, and holds an LLM from Harvard Law School. He is also the author of the critically acclaimed book "Private Placement of Shares: Deal-making and the Madisonian Dilemma" (OakBridge Publishing, 2022).

 

Nishchal Joshipura Lead, M&A and PE Practice Nishith Desai Associates

Nishchal Joshipura heads the Private Equity and M&A practice at an India centric global law firm, Nishith Desai Associates. He is a Lawyer, Chartered Accountant and MBA (Finance) and is based out of Mumbai. He also heads the Finance Committee and the Remuneration Committee at Nishith Desai Associates. He has 18 years of work experience in advising Private Equity and M&A clients on cross border deals and investments from a strategic, legal and tax perspective. Prior to joining Nishith Desai Associates, Nishchal worked with Ernst & Young in the International Tax Group in Mumbai.

 

Khyati Dalal Leader, M&A and PE Practice Nishith Desai Associates

Khyati has been actively involved in representing some of the leading global private equity / venture capital funds, across a wide range of mid-size to large transactions, involving investments into India and cross border acquisitions. With a specialized knowledge on accounting, she has an expertise in providing strategic solutions to complex tax/ accounting aspects of cross border deals. Khyati specialises in merger control aspects of anti-trust law in India and has helped navigate numerous transactions through the ever-changing landscape of the competition regulatory regime. She is a first attempt-chartered accountant and prior to completion of law, has worked at PricewaterhouseCoopers for 2 years in the transactional tax and regulatory team.

 

Anirudh Arjun Emerging Leader, M&A and PE Practice Nishith Desai Associates

Anirudh has been actively involved in representing and advising sovereign wealth funds, pension funds and marquee PE/VC funds, across a wide range of mid to large scale transactions. He brings significant expertise in providing strategic solutions to complex legal, regulatory and tax aspects of domestic, cross border deals and portfolio buy-outs. Along with his experience in PE and M&A transactions, he routinely represents PE, sovereign wealth & pension funds in their merger control filings and proceedings before the Competition Commission of India.

 

Sapna Kataria Member, M&A and PE Practice Nishith Desai Associates

Sapna Kataria is a member of the Corporate and M&A Practice at Nishith Desai Associates. She actively represents and advises clients, including private equity firms and venture capitalists, on legal and regulatory considerations related to complex cross border investments into India. In addition to her legal practice, she has had publications in popular national and international platforms, focusing on topics related to Indian corporate and competition law.