(1) Where the Commission is of the prima facie opinion that a combination is likely to cause, or has caused an appreciable adverse effect on competition within the relevant market in India, it shall issue a notice to show cause to the parties to combination calling upon them to respond within thirty days of the receipt of the notice, as to why investigation in respect of such combination should not be conducted.

(2) The parties to the combination shall, within thirty days of receipt of the notice under sub-section (1), respond to the Commission by way of furnishing information and submitting written objections to the prima facie opinion.

(3) The Commission shall, within fifteen working days from the date of the response received under sub-section (2), decide whether a combination is likely to cause, or has caused, an appreciable adverse effect on competition.

(4) If the Commission is of the opinion that there is no appreciable adverse effect on competition, it shall, within seven working days from the expiry of the period specified in sub-section (3), approve the combination and inform the parties accordingly.