Exemption granted under section 5 of the Competition Act, 2002 was rescinded vide notification dated March 27, 2017 issued by Ministry of Corporate Affairs (“MCA”). In exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002 (“Competition Act”) the Central Government via MCA in interest of public exempted the enterprises being parties to:
Where the value of assets being acquired/ taken control of/ merged/ amalgamated is not more than rupees INR 350,00,00,000 (Three Hundred and Fifty Crore Rupees) in India or Turnover is not more than INR 1000,00,00,000 (One Thousand Crore Rupees) in India for a period of five years from the date of publication of notification S.O. 989 (E) dated 27th March 2017 in the official gazette.
Where a portion of an enterprise/division/ business is being acquired/ taken control of/ merged/ amalgamated with another enterprise, the value of assets of the said portion or division or business and or attributable to it, shall be the relevant assets and turnover to be taken into account for the purpose of calculating the thresholds under section 5 of the Competition Act. The value of the said portion/ division/business shall be determined by taking the book value of the assets as in the audited books of accounts of the enterprise or as per statutory auditor's report.
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