Problems relating to Trade and Investment on Pakistan
23. Inefficient administrative procedures, regimes and practices |
|||
Issue |
Issue details |
Requests |
Reference |
| (1) Irrational Retroactive Application of Prior Notification Requirement on Corporate Mergers | - A member firm received Notification from Competition Commission of Pakistan (CCP), ordering the member firm to file "Pre-merger notification" on mergers and acquisition case consummated several years ago, pursuant to Competition Act, 2010 (CA '10), while the governing act requiring "Pre-merger notification" was promulgated after the consummation of the case in concern. In addition, payment of fees under the Competition Act is necessary to file "Pre-merger notification". | - It is requested that CCP: -- repeals retroactive application of the laws promulgated after completion of the performance under contract, as such retroactive application is improper, and -- obviates the need for pre-merger notification, as requiring the same examination procedures as the previous filing of pre-merger notification on the issue already completed is not only difficult but also meaningless. |
|
<<BACK |