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India/Singapore: CCI issues first-ever fine on foreign gov’t body for late M&A notice filing

By  |  August 16, 2013

The Competition Commission of India issued a fine to Singapore’s Temasek, a government investment branch, marking the first-ever instance of the CCI issuing a penalty against a foreign government body for missing the application-filing deadline to seek approval for a merger deal. Temasek and two of its units were issued the fine following a missed deadline to follow a merger notice of its buyout of DBS Group shares. According to the CCI, penalties can for the offense can reach up to one percent of combined assets or turnovers of the parties involved, though the regulator did not impose such hefty penalties.

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