Singapore legislation
Section 60
Section 60
Effect of decision that merger has not infringed section 54 prohibition
(1)
This section applies to a merger if the Commission has determined an application under section 58 by making a decision that the merger has not infringed the section 54 prohibition.
(2)
The Commission must not take any further action in relation to the section 54 prohibition with respect to the merger unless —
it has reasonable grounds for suspecting that any information on which it based its decision (which may include information on the basis of which it accepted a commitment) was incomplete, false or misleading in a material particular; or
it has reasonable grounds for suspecting that a party who provided a commitment has failed to adhere to one or more of the terms of the commitment.
(3)
Action that may be taken in respect of the circumstances referred to in subsection (2) may include the revocation of the decision that the merger has not infringed the section 54 prohibition.
(4)
No penalty may be imposed under this Part in respect of any infringement of the section 54 prohibition by a merger to which this section applies.
(5)
The Commission may remove the immunity given by subsection (4) if —
it takes action under this Part with respect to the merger in one of the circumstances mentioned in subsection (2);
it considers that it is likely that the merger will infringe the section 54 prohibition; and
it gives written notice to —
the party on whose application the decision was made; or
in a case where section 57(9) applies, the party who applied for a decision on the anticipated merger (which was carried into effect) or, where that party no longer exists, the merged entity,that it is removing the immunity as from the date specified in its notice.
(6)
If the Commission has reasonable grounds for suspecting that —
any information on which it based its decision (which may include information on the basis of which it accepted a commitment), and which was provided to it by a party involved in the merger, was incomplete, false or misleading in a material particular; or
a party who provided a commitment has failed to adhere to one or more of the terms of the commitment,the date specified in a notice under subsection (5)(c) may be earlier than the date on which the notice is given.