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Indian Competition Commission to finalize mergers and acquisitions norms by April end

Mr Dharendra Kumar chairperson of the Competition Commission of India, at the meet titled Responsibilities of Corporate for Sustainable Business, said that the new regulations relating to mergers and acquisitions of corporate will be finalized by April end and will be made effective from June.

These norms relate to sections 5 and 6 of the Competition Commission Act which have already been notified by the government.

He said “The concept of corporate responsibility revolves around transparency and trust, creation of a sustainable global economy and contribution of body corporate and firms to social capital. It is the continuing commitment by businesses to behave ethically and contribute to economic development while improving the quality of life for local community and society at large.”

He added that “Mergers and acquisitions have potential implications for competition as they reduce the number of market players. Merger review empowers a competition authority to look into the positive and negative implications of any prospective merger and to identify an appropriate response to suit the society and economy on whole.”

Mr Rajkumar Dhoot MP and senior VP of ASSOCHAM said economic growth in the country due to unpleasing of reforms process is throwing up new challenges. But prosperity remains disproportionate. Government efforts alone are not enough. There is potential in rural areas and private investments should flow there for equitable development.

Ms Preeti Malhotra chairperson of ASSOCHAM national council on corporate affairs CSR and company law called for ethical accounting standards and a modern regulatory framework aligned with global practices. She added that for good governance she said corporate must have independent directors on board so that public interest is in built in a company’s goal. It is critical to promote healthy eco systems for sustainable growth.

Mr Amoth Kanth chairperson of Delhi Commission for Protection of Child Rights said 42% of Indian population still lives below the poverty line. Corporate social responsibility should translate into tangible dreams.

He said Indian corporate have now acquired a muscle to bring about social transformational in the country.

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