- Home
- Business
- News
- Competition Commission of Pakistan launches online systems for processing merger application, compla ..
Competition Commission Of Pakistan Launches Online Systems For Processing Merger Application, Complaints Filings, For Conducting Hearings
Mohammad Ali (@ChaudhryMAli88) Published May 14, 2020 | 10:34 PM
Amid the COVID-19 situation, the Competition Commission of Pakistan (CCP) in order to facilitate the local and foreign investors intending to invest in Pakistan through mergers, acquisitions, and joint ventures, has launched an Online Merger and Acquisition Application filing system
ISLAMABAD, (UrduPoint / Pakistan Point News - 14th May, 2020 ) :Amid the COVID-19 situation, the Competition Commission of Pakistan (CCP) in order to facilitate the local and foreign investors intending to invest in Pakistan through mergers, acquisitions, and joint ventures, has launched an Online Merger and Acquisition Application filing system.
Pakistan is a compulsory merger regime where the companies/undertakings seeking mergers, acquisitions, or joint ventures and meeting the prescribed threshold stipulated in the merger regulations, have to apply for clearance from the CCP under section 11 of the Competition Act, 2010, said a statement issued by CCP here on Thursday.
The CCP, keeping in view the difficulties faced by the local and foreign investors in filing the merger applications in paper form amid the COVID-19 pandemic, has launched the online application filing system.
Through this system, companies can submit the required documents electronically using a predefined format through an online software application provided by the CCP. An undertaking anywhere in Pakistan can now request for Merger and Acquisition NOC and also track the application online through this system, which can be accessed at CCP's website (www.cc.gov.pk).
While the undertakings are being asked to file merger applications online, the CCP cleared 9 mergers during the past week. Since January 2020, the CCP has approved 21 cases of merger, acquisitions, and joint ventures in various sectors of the economy.
These include 2 merger cases, 1 joint venture, and 18 acquisitions.
Moreover, to clear the backlog of various cases pending at CCP, hearings have been resumed, and keeping the health and safety of the respondents at forefront amid COVID-19, they have been allowed to participate in the hearings using video conferencing and other online tools. This week, the Commission conducted two hearings using video conferencing.
For the facilitation of the general public, CCP's online Complaint Management System is in place to facilitate the consumers and businesses in submission of complaints regarding violations of competition law. Any complaint received at the Commission is fed into the online system and a tracking number is issued to the complainant.
The complainants can call at a dedicated telephone line at CCP (051-9100270-72-73) or email at [email protected] regarding their complaints. Furthermore, an online app is also being developed for processing Exemption applications.
The CCP is also in the process of translating the online applications along with the regulations, besides urdu, in various other languages, i.e. Chinese, Turkish, Arabic, and French, with the collaboration of the concerned embassies.
The purpose of this exercise is to create awareness and explain the CCP's procedures to the investors from these countries in their own languages and to facilitate them in filing merger applications and submitting online complaints regarding competition law violations.
Recent Stories
Usain Bolt named ICC Men’s T20 World Cup 2024 Ambassador
PM visits martyred Customs official's residence in Abbottabad
Ethiopian Special envoy urges Lahore's traders fraternity to join trade delegati ..
Kazakhstan envoy meets commissioner
Safari Park to welcome Madhubala elephant in May
2 ring leaders among 3 terrorists killed in Khyber operation
Govt committed to developing gems, jewelry sector: Minister
Punjab CM Maryam faces legal challenge for wearing police uniform
PTDC plans to organize two-day tourism expo
COP29 host says deal on climate aid essential but offers few details
SC orders end of encroachments in Karachi
Nazish Jahangir denies viral screenshots, calls them fake
More Stories From Business
-
Govt committed to developing gems, jewelry sector: Minister
7 minutes ago -
Pakistan earns $1,976 million from IT services' export in 8 months
1 hour ago -
PSX loses 80 points
2 hours ago -
Ahad Cheem lauds UNDP’s cooperation
2 hours ago -
London stocks hit new record on blockbuster mining takeover bid
2 hours ago -
Sialkot University, Ministry of Climate Change, Ethiopian embassy host business forum
2 hours ago
-
Govt likely to hike electricity price once again
4 hours ago -
Mining giant BHP launches bid to take over rival Anglo American
4 hours ago -
Gold rates up by Rs500 per tola to Rs242,500
6 hours ago -
Tokyo stocks end lower after Meta results
6 hours ago -
EXCHANGE RATES FOR CURRENCY NOTES
7 hours ago -
Foreign exchange rates
8 hours ago