The government will notify the new rules for corporate mergers and acquisitions on May 5, following which it will be mandatory for companies to seek the Competition Commission's approval for high voltage deals, Chairman Dhanendra Kumar said today.

"By May 3-4, the rules will be finalised and by May 5, we will notify the same. And by June 1, the provisions relating to mergers and acquisition approvals would come into effect," Kumar told reporters on the sidelines of an AMCHAM event here.

The Competition Commission of India (CCI) has notified Sections 5 and 6 of the Competition Commission Act, 2002, dealing with mergers and acquisition (M&A) last month, but it is yet to finalise the rules.

When implemented, the norms would require companies to seek the CCI's approval for domestic and cross-border M&As. (PTI)