The
Government, vide notification dated 08.01.2013 has already exempted a banking
company in respect of which a notification under section 45 of the Banking
Regulation Act, 1949 has been issued for its amalgamation with any other
banking institution, from the provisions of section 5 and 6 of the Competition
Act, 2002. Giving this information in written reply to a question in the Lok
Sabha today, Shri Sachin Pilot, Minister for Corporate Affairs, said that these
provisions deal with jurisdiction of Competition Commission to regulate
acquisition, amalgamation and mergers. He further informed the House that the
amalgamation of Global Trust Bank with Oriental Bank of Commerce took place
with effect from 14th August, 2004 when section 5 and 6 of the Competition Act
dealing with acquisition, amalgamation and mergers were not in force. These
sections have come into force only from 01st June, 2011.
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