This is the analysis of the salient features of recent regulations on combinations formulated by Competition Commission of India. The same has been made by
Praveen Dalal, Managing Partner of New Delhi based IP, ICT and Corporate Law Firm
Perry4Law. The proposed regulations are taking care of large scale
corporate mergers and acquisitions in India. However,
banking industry related mergers and acquisitions may be excluded from the applicability of these regulations.
The Competition Commission of India (CCI), in exercise of the powers conferred by sub-section (1) and clauses (b), (c) and (f) of sub-section (2) of section 64 read with sub-sections (2) and (5) of section 6 of the Competition Act, 2002, formulated the following regulations applicable with effect from 1st day of June, 2011, namely:
(1) “Combination” means and includes combination as described in section 5 of the Act and any reference to combination in these regulations shall mean a proposed combination or the combined entity, if the combination has come into effect, as the case may be.
[1](2) In a situation not provided for in these regulations or the Competition Commission of India (General) Regulations, 2009, the Commission may determine the procedure, in specific matters, if so required.
[2](3) In view of the duty cast upon the Commission under section 18 and powers conferred under section 36 of the Act, and having regard to the mandate given to the Commission to, inter-alia, regulate combinations which have caused or are likely to cause appreciable adverse effect on competition in terms of sub-section (1) of section 6 of the Act, it is clarified that since the categories of combinations mentioned in Schedule I are ordinarily not likely to cause an appreciable adverse effect on competition in India, notice under sub-section(2) of section 6 of the Act need not normally be filed.
[3](4) Any enterprise which proposes to enter into a combination shall give notice of such combination to the Commission in accordance with sub-section (2) of section 6 of the Act and these regulations.
[4] The notice under sub-section(2) of section 6 of the Act, shall ordinarily be filed in Form I as specified in schedule II of these regulations, duly filled in, verified and accompanied by evidence of payment of requisite fee by the parties to the combination including the instances where –
(a) None of the parties to the combination are engaged in the production, supply, distribution storage , sale or trade of similar or identical or substitutable goods or provision of similar or identical or substitutable services, or the parties to combination are not engaged at different stages or levels of the production chain in different markets, in respect of production, supply, distribution, storage, sale or trade in goods or provision of services in which another party to the combination is engaged;
(b) The parties to the combination are predominantly engaged in exports of goods or services from India and continue to be predominantly engaged in exports of goods or services from India after the combination takes effect.
Provided that the market share of the combined entity is less than fifteen percent (15%) in the relevant market in India.
Explanation: A party to the combination shall be deemed to be predominantly engaged in export of goods or services from India if at least seventy five percent (75%) of the turnover of the party to the combination is derived from exports out of India.
(c) An acquisition or acquiring of control over an enterprise is by a liquidator, administrator or receiver appointed through court proceedings or through any scheme approved under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 or under the Sick Industrial Companies (Special Provisions) Act, 1985 or any other modification or re-enactment of the law;
(d) An acquisition results from a gift or inheritance;
(e) An acquisition is of a trustee company or arises from a change of trustees of a mutual fund established under the Securities and Exchange Board of India (Mutual Fund) Regulations 1996, as amended from time to time;
(f) The parties to combination are engaged in production, supply, distribution, storage, sale or trade of similar or identical or substitutable goods or provision of similar or identical or substitutable service and the combined market share of the parties to the combination after such combination is less than fifteen percent (15%) in the relevant market ;
(g) The parties to the combination are engaged at different stages or levels of the production chain in different markets, in respect of production, supply, distribution, storage, sale or trade in goods or provision of services, and their individual or combined market share is less than twenty five percent (25%) in the relevant market.
[5]Notwithstanding the provisions of sub-regulation (2), the parties to the combination may, at their option, annex additional supporting documents, if any, with Form I or file notice in Form II as specified in schedule II of these regulations.
[6]Where in the course of inquiry, it is found by the Commission that it requires additional information, the Commission may direct the parties to the combination to file such additional information:
[7]Provided that the time taken by the parties to the combination in filing such additional information shall be excluded from the period provided in sub-section (11) of section 31 of the Act and sub-regulation (1) of regulation 19 of these regulations.
Having due regard to the provisions of sub-regulations (2) and (4), in cases where the parties to the combination have filed notice in Form I and the Commission requires information in Form II to form its prima facie opinion whether the combination is likely to cause or has caused appreciable adverse effect on competition within the relevant market, it shall direct the parties to the combination to file notice in Form II as specified in schedule II to these regulations:
[8]Provided that the fee already paid by the parties to the combination while filing notice in
Form I shall be reduced from the fee payable for filing notice in Form II:
Provided further that the time taken by the parties to the combination in filing notice in
Form II shall be excluded from the period provided in sub-section (11) of section 31 of the Act and sub-regulation (1) of regulation 19 of these regulations.
If the requisite details are not available for any of the columns in Form I or Form II, the date on which they may be submitted should be clearly indicated against those columns, by the parties to the combination:
[9]Provided that the time taken by the parties to the combination to submit the requisite details shall be excluded from the period provided in sub-section (11) of section 31 of the Act and sub-regulation (1) of regulation 19 of these regulations.
The reference to the ‘board of directors’ in clause (a) of sub-section (2) of section 6 of the Act, shall mean and include,
(a) The individual himself or herself including a sole proprietor of a proprietorship firm;
(b) The Karta in case of a Hindu Undivided Family (HUF);
(c) The board of directors in case of a company registered under the Companies Act, 1956;
(d) In case of a corporation established by or under any Central, State or Provincial Act or a Government company as defined in section 617 of the Companies Act, 1956 (1 of 1956) or an association of persons or a body of individuals, whether incorporated or not, in India or outside India or anybody corporate incorporated by or under the laws of a country outside India or a cooperative society registered under any law relating to cooperative societies or a local authority, the person or the body so empowered by the legal instrument that created the said bodies;
(e) In the case of a firm, the partner(s) so authorized;
(f) In the case of any other artificial juridical person not falling within any of the preceding sub-clauses, by that person or by some other person competent to act on his behalf.
[10]The reference to the ‘other document’ in clause (b) of sub-section (2) of section 6 of the Act shall mean any binding document, by whatever name called, conveying an agreement or decision to acquire control, shares, voting rights or assets:
[11]Provided that if the acquisition is without the consent of the enterprise being acquired, any document executed by the acquiring enterprise, by whatever name called, conveying a decision to acquire control, shares or voting rights shall be the ‘other document’:
Provided further that where such a document has not been executed but the intention to acquire is communicated to the Central Government or State Government or a Statutory
Authority, the date of such communication shall be deemed to be the date of execution of the other document for acquisition.
(5) The details of acquisition by a public financial institution, foreign institutional investor, bank or venture capital fund, referred to in sub-section(5) of section 6 of the Act, shall be filed without any fee in Form III, as specified in Schedule II to these regulations.
[12]The duly filled in and verified Form III, along with two copies and electronic version thereof, shall be delivered to the Commission at the address published on its official website .
[13](6) Where a notice filed in Form I or Form II under sub-regulations (2) or (3) of regulation 5 of these regulations is received in the Commission beyond the time limit mentioned in sub-section (2) of section 6 of the Act, the Commission may, without prejudice to other provisions including that of section 43A of the Act, admit such notice.
[14](7) Where the parties to a combination fail to file notice under sub-section (2) of section 6 of the Act, the Commission may under sub-section (1) of section 20 of the Act, upon its own knowledge or information relating to such combination, inquire into whether such a combination has caused or is likely to cause an appreciable adverse effect on competition within India.
[15]Where the Commission decides to commence an inquiry, referred to in sub-regulation (1), the Commission, without prejudice to any penalty which may be imposed or any prosecution which may be initiated under this Act, shall direct the parties to the combination to file notice in Form II, as specified in Schedule II to these regulations, duly filled in, verified and accompanied by evidence of requisite fee.
[16]The notice, referred to in sub-regulation (2), shall be filed, within 30 days of receipt of communication from the Commission, by the parties to the combination.
[17](8) In case of an acquisition or acquiring of control of enterprise(s), the acquirer shall file the notice in Form I or Form II, as the case may be, which shall be duly signed by the person(s) as specified under regulation 11 of the Competition Commission of India (General) Regulations, 2009.
[18]In case the enterprise is being acquired without its consent, the acquirer shall furnish such information as is available to him, in Form I or Form II, as the case may be, relating to the enterprise being acquired:
[19]Provided that all information required to be filed, relating to the enterprise being acquired shall be filed with the Commission within fifteen days from filing of the notice and in case the acquirer is not in a position to furnish all the required information in Form I or Form II, as the case may be, relating to the enterprise being acquired, the Commission may direct the enterprise being acquired to furnish such information as it deems fit and the time taken by the parties to the combination or the acquired enterprise, as the case may be, in furnishing the required information including document(s) shall be excluded from the period provided in subsection (11) of section 31 of the Act and sub-regulation(1) of regulation 19 of these regulations.
In case of a merger or an amalgamation, parties to the combination shall jointly file the notice in Form I or Form II, as the case may be, duly signed by the person(s) as specified under regulation 11 of the Competition Commission of India (General) Regulations, 2009.
[20]Where the ultimate intended effect of a business transaction is achieved by way of a series of steps or smaller individual transactions which are inter-connected or inter-dependent on each other, one or more of which may amount to a combination, a single notice, covering all these transactions, may be filed by the parties to the combination.
[21](9) The person or enterprise filing notice under regulation 5 or regulation 8 of these regulations shall pay the fee as specified under regulation 11 of these regulations.
[22] Where the notice is filed jointly, the fee shall be payable jointly or severally.
[23](10) The amount of fee payable alongwith the notice in Form I or Form II, as the case may be, shall be as under:
(a) Where the notice is filed in Form I, the fee payable shall be rupees fifty thousands (Rs. 50,000) only;
(b) Where the notice is filed in Form II, the fee payable shall be rupees ten lakhs (Rs. 1,000,000) only.
[24](11) The fee may be paid either by tendering demand draft or pay order or banker’s cheque, payable in favour of the Competition Commission of India (Competition Fund), New Delhi or through Electronic Clearance Service (ECS) by direct remittance to the Competition Commission of India (Competition Fund), Account No. 1988002100187687 with “Punjab National Bank, Bhikaji Cama Place, New Delhi110066”.
[25](12) The duly filled in and verified notice under regulation 5 or regulation 8 of these regulations along with two copies and an electronic version thereof shall be delivered to the Commission at the address published on its official website.
[26]All responses or other documents required to be filed before the Commission consequent to the filing of the notice under regulation 5 or regulation 8 of these regulations shall also be filed as per the procedure contained in sub-regulation (1).
[27]Provided that for the purposes of this regulation, the Secretary may through public announcement inform the procedure for electronic filing, increase or decrease the number of copies or vary the format in which the electronic version is to be filed.
(13) The notice filed under regulation 5 or regulation 8 of these regulations shall not be valid and complete unless it is in conformity with these regulations.
[28] The Secretary shall issue an acknowledgement of the receipt of notice.
[29] Where the information or document(s) contained in the notice under regulation 5 or regulation 8 of these regulations has any defect(s) or is incomplete in any respect, the parties to the combination shall be asked to remove such defect(s) or furnish the required information including document(s).
[30] The Secretary shall place the proof of service of communication as referred to in sub-regulation (3) to the parties to the combination on record.
[31] The parties shall comply with the directions as referred to in sub-regulation (3) within the time specified by the Commission and in the case of the notice filed under regulation 5 the time taken by the parties in removing such defects or furnishing the required information including document(s) shall be excluded from the period provided in sub-section (11) of section 31 of the Act and sub-regulation (1) of regulation 19 of these regulations.
[32] In case the parties fail to remove the defects or fail to furnish the required information including documents(s), within the time specified, the notice filed under regulation 5 or regulation 8 of these regulations shall not be treated as a valid notice.
[33](14) Subject to the provisions of these regulations, the time period under sub-section (11) of section 31 of the Act shall commence from the date of receipt of notice, in writing, filed under regulation 5 of these regulations.
[34](15) The parties to the combination having filed a notice under regulation 5 or regulation 8 of these regulations, shall inform the Commission of any change in the information provided in the notice to the Commission at the earliest during the continuation of the proceedings under the Act.
[35] The Secretary shall place the information relating to any change in the notice before the Commission not later than the third working day of its receipt in the Commission.
[36]The Commission shall assess the significance of the information relating to that change and, if satisfied, take on record the information received.
[37] Where the Commission is of the view that the change is likely to affect the factors for the determination of the appreciable adverse effect on competition significantly, it may, after giving an opportunity of being heard and after recording reasons, treat the notice already filed as not valid.
[38] Where the Commission has held a notice to be not valid under sub-regulation (4), the Secretary shall convey the decision of the Commission to the parties to the combination within seven days of the decision of the Commission.
[39]Provided that no additional fee shall be payable if a notice is filed again by the parties to the combination for the same transaction within a period of thirty days from the date of communication of the decision of the Commission.
(16) The proceedings under this Act relating to the combinations shall be terminated upon,
(a) Receiving an intimation from the person(s) or enterprise(s) who filed the notice to the effect that the proposed combination will not take effect;
(b) Passing of an order by the Commission under section 31 of the Act.
[40](17) Save as otherwise provided in the Act or in these regulations, the service of any notice excluding the notice under sub-section (2) of section 6 of the Act, or intimation to any person or enterprise under these regulations shall be effected in the manner as provided in regulation 22 of the Competition Commission of India (General) Regulations, 2009 or by electronic transmission as considered appropriate by the Commission.
[41](18) The Commission shall form its prima facie opinion under sub-section (1) of section 29 of the Act, on the notice filed in Form I or Form II, as the case may be, as to whether the combination is likely to cause or has caused an appreciable adverse effect on competition within the relevant market in India, within thirty days of receipt of the said notice.
[42]For the purpose of forming its prima facie opinion under sub-section (1) of section 29 of the Act, the Commission may, if considered necessary, require the parties to the combination to file additional information or accept modification, if offered by the parties to the combination before the Commission has formed prima facie opinion under sub-regulation (1), as deemed fit by it:
[43]Provided that the time taken by the parties to the combination, in furnishing the additional information or for offering modification shall be excluded from the period provided in sub-regulation (1) of this regulation and sub-section (11) of section 31 of the
Act.
Provided further that in such a case where the modification is offered by the parties to the combination before the Commission has formed the prima facie opinion under sub-regulation (1), the additional time, not exceeding fifteen days, needed for evaluation of the offered modification, shall be excluded from the period provided in sub-regulation (1) of this regulation and sub-section (11) of section 31 of the Act.
Where the Commission deems it necessary, it may call for information from any other enterprise while inquiring as to whether a combination has caused or is likely to cause an appreciable adverse effect on competition in India.
[44](19) After receipt of the response to the notice to show cause from the parties to the combination under sub-section (1) of section 29 of the Act, the Commission may decide to call for a report from the Director General under sub-section (1A) of section 29 of the Act within the time as specified by the Commission.
[45] The Secretary shall convey the direction of the Commission under sub-regulation (1) to the Director General, along with copy of the notice filed by the parties to the combination with all other documents, materials, affidavits, statements, which have been filed or are otherwise available with the said notice, the notice to show cause to the parties to the combination and response of the parties to the same.
[46] The Director General shall include in his report the basis of having reached the conclusions therein together with all evidences or documents or statements collected during the investigation and analysis thereof.
[47] Two copies of the report of the Director General duly signed on each page by the Director General, or his authorized officer, along with an electronic version in document format, shall be forwarded to the Secretary within the time specified by the Commission.
[48]Provided that the Secretary may increase or decrease the number of copies of the report and may permit electronic transmission of the same.
(20) Where the Commission under sub-section(2) of section 29 of the Act is of the prima facie opinion that the combination has caused or is likely to cause appreciable adverse effect on competition within the relevant market in India, the Secretary shall, within four working days of such decision convey the direction of the Commission to the parties to the combination, to publish the details of the combination within ten working days of the date of such direction.
[49]The details of combination shall be published by the parties in Form IV, as specified in Schedule II to these regulations.
[50] The parties shall submit the details of combination to be published under sub-regulation (2) to the Commission before its publication and the Commission may host the same on its official website.
[51] The details of the combination to be published under sub-regulation (2) shall, also be hosted by the parties on the websites of their respective enterprises not later than the time specified in sub-regulation (1).
[52] The parties shall publish the details of the combination under sub-regulation (2), not later than the time specified in sub-regulation (1), in all India editions of four leading daily newspapers including at least two business newspapers.
[53](21) The parties to the combination shall submit copies of publication, referred to in regulation 22, to the Secretary, not later than the fifteenth day of the direction of the Commission for publication of the details of the combination.
[54](22) Where the Commission deems it necessary to give an opportunity of being heard to the parties to the combination before deciding to deal with the case in accordance with the provisions contained in section 31 of the Act, the Secretary shall convey its directions to the said parties, to appear before it by giving a notice of such period as directed by the Commission.
[55](23) Where the Commission is of the opinion that combination has or is likely to have appreciable adverse effect on competition but such adverse effect can be eliminated by suitable modification to such combination, it may propose appropriate modification to the combination to the parties to such combination.
[56]Where the parties to the combination have accepted the modification proposed by the Commission under sub-section (3) of the section 31 of the Act or the Commission agrees with the amendment to the proposed modification by the parties and approves the combination under sub-section (7) of section 31 of the Act or the parties, in terms of the provisions of subsection (8) of section 31 of the Act, accept the modification proposed by the Commission under sub-section (3) of section 31 of the Act, the parties to the combination shall carry out such modification as per the terms and conditions and within the period as may be specified by the Commission and submit an affidavit to that effect.
[57]Where the parties accept the modification proposed by the Commission under sub-section (3) of section 31 of the Act or the Commission agrees with the amendment submitted by the parties under sub-section (6) of section 31 of the Act, it shall by order, approve the combination.
[58]If the parties to the combination fail to accept the modification proposed by the Commission within the time referred to in sub-section (6) of section 31 of the Act or within a further period referred to in sub-section (8) of section 31 of the Act, the combination shall be deemed to have an appreciable adverse effect on competition and be dealt with in accordance with the provisions of the Act.
[59](24) The modification referred to in regulation 25 of these regulations shall be carried out by the parties to the combination within the period as may be specified by the Commission.
[60] The parties to the combination shall, upon completion of modification, file a compliance report for the actions required for giving effect to the combination before the Secretary within seven days of such completion.
[61] In case the parties to the combination fail to file the compliance report under sub-regulation (2), the Secretary shall place the matter of such non-compliance before the Commission for appropriate directions.
[62](25) Where the Commission is of the opinion that the modification proposed by it and accepted by the parties to the combination needs supervision, it may appoint agencies, to oversee the modification, on such terms and conditions as may be decided by the Commission.
[63] The agencies appointed under sub-regulation (1) shall be independent of the parties to the combination having no conflicts of interest. Such independent agencies referred to in this regulation may include an accounting firm, management consultancy, law firm, any other professional organization, or part thereof, or independent practitioners of repute.
[64] The agencies appointed under sub-regulation (1) shall carry out the responsibilities as specified by the Commission from time to time.
[65] The agencies appointed under sub-regulation (1) shall submit a report to the Commission upon completion of each of the actions required for carrying out the modification.
[66] The payment to the agencies appointed under sub-regulation (1) shall be made by the parties to the combination by depositing it with the Commission or as may be directed by the Commission.
[67](26) Where the Commission is of the opinion that the combination has, or is likely to have, an appreciable adverse effect on competition in the relevant market in India, it shall pass an order under sub-section (2) of section 31 of the Act that the combination shall not take effect.
[68] Where the Commission is of the opinion that the combination does not or is not likely to have an appreciable adverse effect on competition, it shall pass an order under sub-section (1) of section 31 of the Act, approving the combination.
[69] Where the Commission approves the combination with modification, the order of the Commission approving the combination shall specify the terms, conditions and the time-frame for all the actions required for giving effect to the combination.
[70] Where the parties to the combination fail to carry out the modification accepted by them within the stipulated time limit, the Commission shall issue appropriate directions.
[71] The Secretary shall communicate to the parties to the combination, the decision of the Commission under sub-regulation (1) or (2) or (3) or (4) within seven days of such decision.
[72] Having due regard to the provisions contained in sub-section (11) of section 31 of the Act, the Commission shall endeavour to pass an order or issue direction in accordance with sub-section (1) or sub-section (2) or sub-section (7) of section 31 of the Act within one hundred and eighty days of filing of the notice under sub-section (2) of section 6 of the Act.
[73] Subject to the provisions of section 57 of the Act, and regulation 30 of these regulations, the orders passed by the Commission under section 31 of the Act shall be published on its website.
[74](27) Subject to the provisions contained in section 53B of the Act, the Central Government or the State Government or a local authority or enterprise or any person, who is party to proceedings on matters relating to a combination and is aggrieved by any direction, decision or order referred to in clause (a) of section 53A of the Act may prefer an appeal to the Competition Appellate Tribunal.
[75](28) Any request for confidentiality of information or documents submitted during the investigation shall be duly considered having due regard to the procedure laid down in the Competition Commission of India (General) Regulations, 2009, as amended from time to time.
[76] The request under sub-regulation (1) may, inter-alia, clearly state the reasons, justification and implications for the business of the parties to the combination so that all relevant factors may be considered by the Commission while taking decision in the matter.
[77](29) The notice referred to in sub-section (2) of section 6 of the Act would be applicable as follows:
(a) For mergers or amalgamations referred to in clause (c) of section 5 of the Act, notice to be filed only in regard to proposals approved by the board of directors on or after the 1st day of June, 2011; and
(b) For acquisitions referred to in clause (a) of section 5 of the Act or acquiring of control referred to in clause (b) of section 5 of the Act, notice need to be filed only, where binding document(s) is executed, on or after the 1st day of June, 2011.
[78]Explanation-Approval of board of directors under clause (a) of this regulation refers to the final decision of the board of directors.
(30) The provisions of these regulations shall have effect in all matters relating to combinations notwithstanding anything inconsistent therewith contained in any other regulations framed under the Act.
[79](31) Having regard to the provisions of the Act, the Commission may, from time to time, in discharge of its duties, issue general or sector specific directions, guidelines, clarifications or circulars for regulation of combinations.
[80](32) Where the Commission deems fit, it may seek opinion of any other agency or statutory authority in relation to a combination.
[81](33) In the matter of implementation of the provisions of these regulations, if any doubt or difficulty arises, the same shall be placed before the Commission and the decision of the Commission thereon shall be final and binding.
[82]© All Rights Reserved. No part of this work shall be used, reproduced, copied or utilised in any manner whatsoever except with the prior written approval of Praveen Dalal, Managing Partner of
Perry4Law. For any query, contact at
pd37@rediffmail.com and
perry4law@yahoo.com.
[1] Rule 2(1) (b) of Regulations 2011.
[2] Rule 3 of Regulations 2011.
[3] Rule 4 of Regulations 2011.
[4] Rule 5 (1) of Regulations 2011.
[5] Rule 5 (2) of Regulations 2011.
[6] Rule 5 (3) of Regulations 2011.
[7] Rule 5 (4) of Regulations 2011.
[8] Rule 5 (5) of Regulations 2011.
[9] Rule 5 (6) of Regulations 2011.
[10] Rule 5 (7) of Regulations 2011.
[11] Rule 5 (8) of Regulations 2011.
[12] Rule 6(1) of Regulations 2011.
[13] Rule 6(2) of Regulations 2011.
[14] Rule 7 of Regulations 2011.
[15] Rule 8(1) of Regulations 2011.
[16] Rule 8(2) of Regulations 2011.
[17] Rule 8(3) of Regulations 2011.
[18] Rule 9(1) of Regulations 2011.
[19] Rule 9(2) of Regulations 2011.
[20] Rule 9(3) of Regulations 2011.
[21] Rule 9(4) of Regulations 2011.
[22] Rule 10(1) of Regulations 2011.
[23] Rule 10(2) of Regulations 2011.
[24] Rule 11 of Regulations 2011.
[25]Rule 12 of Regulations 2011.
[26] Rule 13(1) of Regulations 2011.
[27] Rule 13(2) of Regulations 2011.
[28] Rule 14(1) of Regulations 2011.
[29] Rule 14(2) of Regulations 2011
[30] Rule 14(3) of Regulations 2011
[31] Rule 14(4) of Regulations 2011
[32] Rule 14(5) of Regulations 2011
[33] Rule 14(6) of Regulations 2011
[34] Rule 15 of Regulations 2011.
[35] Rule 16(1) of Regulations 2011.
[36] Rule 16(2) of Regulations 2011.
[37] Rule 16(3) of Regulations 2011.
[38] Rule 16(4) of Regulations 2011.
[39] Rule 16(5) of Regulations 2011.
[40] Rule 17 of Regulations 2011.
[41] Rule 18 of Regulations 2011.
[42] Rule 19(1) of Regulations 2011.
[43] Rule 19(2) of Regulations 2011.
[44] Rule 19(3) of Regulations 2011.
[45] Rule 20(1) of Regulations 2011.
[46] Rule 20(2) of Regulations 2011.
[47] Rule 21(1) of Regulations 2011.
[48] Rule 21(2) of Regulations 2011.
[49] Rule 22(1) of Regulations 2011.
[50] Rule 22(2) of Regulations 2011.
[51] Rule 22(3) of Regulations 2011.
[52] Rule 22(4) of Regulations 2011.
[53] Rule 22(5) of Regulations 2011.
[54] Rule 23 of Regulations 2011.
[55] Rule 24 of Regulations 2011.
[56] Rule 25(1) of Regulations 2011.
[57] Rule 25(2) of Regulations 2011.
[58] Rule 25(3) of Regulations 2011.
[59] Rule 25(4) of Regulations 2011.
[60] Rule 26(1) of Regulations 2011.
[61] Rule 26(2) of Regulations 2011.
[62] Rule 26(3) of Regulations 2011.
[63] Rule 27(1) of Regulations 2011.
[64] Rule 27(2) of Regulations 2011.
[65] Rule 27(3) of Regulations 2011.
[66] Rule 27(4) of Regulations 2011.
[67] Rule 27(5) of Regulations 2011.
[68] Rule 28(1) of Regulations 2011.
[69] Rule 28(2) of Regulations 2011.
[70] Rule 28(3) of Regulations 2011.
[71] Rule 28(4) of Regulations 2011.
[72] Rule 28(5) of Regulations 2011.
[73] Rule 28(6) of Regulations 2011.
[74] Rule 28(7) of Regulations 2011.
[75] Rule 29 of Regulations 2011.
[76] Rule 30(1) of Regulations 2011.
[77] Rule 30(2) of Regulations 2011.
[78] Rule 31 of Regulations 2011.
[79] Rule 32 of Regulations 2011.
[80] Rule 33 of Regulations 2011.
[81] Rule 34 of Regulations 2011.
[82] Rule 35 of Regulations 2011.
World Bank has been granting loans and grants to India for long. However, there seems to be no mechanism to ensure either the achievement of results or to bring accountability towards the loans and grants so issued. The latest to add to this list is the e-delivery of public services development policy loan to India.
