Circular CCI/CIR/2020/2626 of the Competition Commission of India dated 24th June, 2020 on the management of a company [C1D-C0V]

CCI/CIR/2020/2626

Competition Commission of India

New Delhi, dated the 24th June, 2020

CIRCULAR

To

All Deputies Registrar of Companies,

Subject: The management of a company by directors under the Competition Act, 2003, regarding.

In exercise of the powers conferred by section 9 of the Competition Act, 2003 (12 of 2003), the Competition Commission of India hereby issues the following

1. References have been received seeking clarification on the manner in which section 9 applies to the management of a company by directors.

2. The matter has been examined. Every director carrying on the management of a company shall make an application in Form MGT-7 to the Serious Fraud Investigation Office within ninety days, accompanied by a fee of five thousand rupees.

3. It is, accordingly, clarified that a separate application shall be made in respect of each place at which the management of a company is undertaken, and the Serious Fraud Investigation Office shall dispose of it within ninety days of its receipt.

4. Difficulties, if any, in the implementation of this circular may be brought to the notice of the Competition Commission of India.

(Chief General Manager)