In yet another intra-group restructuring, the Competition Commission of India (CCI) has approved the proposed merger of Infosys India Limited and Infosys Consulting India Limited. Infosys Consulting India Limited is a wholly owned subsidiary of Infosys Limited.
What is surprising is that the notice, for the proposed combination under Section 5(c) of the Competition Act, was filed with the CCI on March 15, 2012 with an application for condonation of delay for the late filing of the form. It is pertinent to note that one of the amendments introduced by the CCI on February 23, 2012 in the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations 2011 specifically exempts intra-group transactions between enterprises wholly owned by the same group.
This will hopefully be the last such notice filed before the CCI which deals with intra-group transactions between enterprises wholly owned by the same group.
The copy of the order is here.
What is surprising is that the notice, for the proposed combination under Section 5(c) of the Competition Act, was filed with the CCI on March 15, 2012 with an application for condonation of delay for the late filing of the form. It is pertinent to note that one of the amendments introduced by the CCI on February 23, 2012 in the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations 2011 specifically exempts intra-group transactions between enterprises wholly owned by the same group.
This will hopefully be the last such notice filed before the CCI which deals with intra-group transactions between enterprises wholly owned by the same group.
The copy of the order is here.
