The Competition Commission of India (CCI) has notified, on 31 March 2022, regarding a revision to the Form II long form used by companies for merger notification.
The amendment to Form II will be effective from 1 May 2022, and aims to remove duplicity, reduce compliance burden and make assessments more objective. The CCI revised the long form format for submission of details related to mergers and acquisitions.
The amendment revises the content and format for merging companies where the market share post-merger exceeds 15% of market capitalisation under the horizontal overlap, and 25% in case of a vertical interface.
Generally, these cases require detailed examination to assess the likely effect of the combination on competition in India. The CCI said the revision was intended to strike a balance between facilitation and enforcement functions, and create a culture of compliance.
In 2019, the regulator amended Form I, which is used by parties concerned to provide information while seeking approval for a combination, where the combined market share post-merger is not significant.