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[CCI] Notification - Exemption Of Nationalized Banks From Section 5 & 6 Of Competition Act, 2002

Competition Law (Country: India)

Ministry of Corporate Affairs (MCA) vide Notification S.O. 2828(E) dated the 30th August, 2017, has notified regarding exemption of nationalized banks from Section 5 and 6 of the Competition Act, 2002, which is as under:-

In exercise of the powers conferred by clause (a) of Section 54 of the Competition Act, 2002 (12 of 2003), the Central Government in the public interest hereby exempts, all cases of reconstitution, transfer of the whole or any part thereof and amalgamation of nationalized banks, under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970) and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980 (40 of 1980), from the application of provisions of Sections 5 and 6 of the Competition Act, 2002 for a period of ten years from the date of publication of this notification in the Official Gazette.

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