NEW DELHI: The Lok Sabha on Wednesday handed the Competition Amendment) Bill, 2022, greater than seven months after it used to be offered within the decrease area in August final yr.
The invoice supplies for the Competition Commission of India (CCI) to impose consequences on entities in response to their world turnover as a substitute of the present observe of taking into account handiest related marketplace turnover.
Amid dinner within the Lower House, Corporate Affairs and Finance Minister Nirmala Sitharaman moved the invoice for attention and passage. The invoice used to be handed and not using a debate.
The company affairs ministry has made sure amendments to the unique invoice.
One of the adjustments is with recognize to the turnover that might be thought to be for the imposition of penalty in case of pageant regulation violations.
“… turnover means global turnover derived from all products and services by a person or an enterprise,” as in step with the amendments that have been authorized via the Lok Sabha on Wednesday.
Another modification is that the CCI has to shape a prima-facie opinion a few submitting associated with a mixture inside 30 days of receiving the submitting.
Currently, the regulator can shape a prima facie opinion inside 30 operating days of receiving a mixture submitting.
In pageant regulation parlance, mixtures consult with mergers and acquisitions, and offers past a definite threshold require the approval of the CCI.
The Competition (Amendment) Bill, 2022, used to be offered in Parliament on August 5 final yr. Then, it used to be referred to the Parliamentary Standing Committee on Finance chaired via BJP member Jayant Sinha,
The panel tabled its file in Parliament on December 13.
It would be the first time for the reason that enforcement of the Competition Act in 2009 that amendments might be made to the Act.
The Act used to be introduced in 2002 and due to this fact, it underwent amendments in 2007 and 2009. In May 2009, the anti-trust provisions of the regulation got here into power and two years later in May 2011, CCI began screening mergers and acquisitions.
The invoice supplies for the Competition Commission of India (CCI) to impose consequences on entities in response to their world turnover as a substitute of the present observe of taking into account handiest related marketplace turnover.
Amid dinner within the Lower House, Corporate Affairs and Finance Minister Nirmala Sitharaman moved the invoice for attention and passage. The invoice used to be handed and not using a debate.
The company affairs ministry has made sure amendments to the unique invoice.
One of the adjustments is with recognize to the turnover that might be thought to be for the imposition of penalty in case of pageant regulation violations.
“… turnover means global turnover derived from all products and services by a person or an enterprise,” as in step with the amendments that have been authorized via the Lok Sabha on Wednesday.
Another modification is that the CCI has to shape a prima-facie opinion a few submitting associated with a mixture inside 30 days of receiving the submitting.
Currently, the regulator can shape a prima facie opinion inside 30 operating days of receiving a mixture submitting.
In pageant regulation parlance, mixtures consult with mergers and acquisitions, and offers past a definite threshold require the approval of the CCI.
The Competition (Amendment) Bill, 2022, used to be offered in Parliament on August 5 final yr. Then, it used to be referred to the Parliamentary Standing Committee on Finance chaired via BJP member Jayant Sinha,
The panel tabled its file in Parliament on December 13.
It would be the first time for the reason that enforcement of the Competition Act in 2009 that amendments might be made to the Act.
The Act used to be introduced in 2002 and due to this fact, it underwent amendments in 2007 and 2009. In May 2009, the anti-trust provisions of the regulation got here into power and two years later in May 2011, CCI began screening mergers and acquisitions.