C&M E-ALERT: CCI amends confidentiality provisions

 WHAT HAS HAPPENED?                                        

 AMENDMENT REGULATIONS : HIGHLIGHTS                        

 C&M PERSPECTIVE                                                                                       

The provision for clear timelines under the General Amendment Regulations is a welcome move, especially

since it is explicitly clarified that the CCI has the flexibility to extend timelines in “exceptional cases”. However,

the requirement for confidentiality undertakings to be supported by affidavits may add to the compliance

burden of parties.

In light of the notified Amendment Regulations, businesses must take the following points under

consideration:

1. Timeline for setting up of confidentiality ring:

Parties must be cognizant of strict timelines for setting up of a confidentiality ring and ensure compliance at the earliest, except where demonstrable cause exists for any delay.

2. Requirement of affidavit for relevant undertakings:

Considering the strict timeline, parties must prepare and execute requisite affidavits at the earliest, especially since it can get time-consuming when signatories are located outside India. Given the CCI’s increasingly stringent requirements for signatures and undertakings over the last few years, companies outside India may find it useful to designate authorized signatories located within India to avoid delays.

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