March 31 - The Times of India (New Delhi) - The US has asked India to remove the problematic rule in its new competition law that requires foreign companies to obtain government approval for mergers and acquisitions, including those taking place outside the country. In a report submitted to the Congress, the US trade department has said it has taken up the issue with the Indian government to change the new regulation governing M&As under the amended Competition Act.
"The United States is working with industry, foreign governments, and Indian companies and industry groups to persuade the government to promulgate regulations under the new law to correct the most problematic aspects of the M&A provisions," the national trade estimate report 2008 has said. Read More.
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