Talking about three very high level principles in M&A sector, Mr Sahoo said, “It should gel well with current reforms of last three years in Indian economy whereby we have almost moved on many matters so that decisions are taken by the parties themselves not by any third person, government or court.”

Besides, considering the era of ‘minimum government and maximum governance,’ he said, “We are looking at stakeholders who stand to lose or gain from the transaction only they should take decision, they should have incentive, motivation to do it in an orderly manner and complete it in a time-bound manner.”

He said that creation of national company law tribunals is the foremost thing that has happened as the cases have shifted from courts. “That is a huge change as it provides the opportunity to all the professionals, it has widened the scope for chartered accountants and company secretaries to practice before the tribunal.”

He also said that the tribunals have also been entrusted with the responsibility of ensuring that the processes are completed in an efficient manner. “We have had an experience of almost an year of how the tribunals have been functioning, although the merger cases got transferred only after December last year but there is still a lot of scope for improvement.”