Competition Law

Parliament on Monday cleared the amendments to the competition law that will pave the way for promoting the ease of doing business as well as enhance the framework to deter entities from indulging in unfair business practices. Reduction of CCI's assessment time frame for combinations to 150 days from the date of filing the notice, introduction of a settlement and commitments framework and imposition of penalties on erring entities based on their global turnover are among the key features of the Competition (Amendment) Bill. The bill has been approved by Parliament nearly eight months after its introduction in Lok Sabha, which gave its nod on March 29. The bill was also referred to the Parliamentary Standing Committee on Finance, which tabled its report in Parliament on December 13 last year. Rajya Sabha approved the bill on Monday after Lok Sabha cleared the same on March 29. Amid din, both the Houses passed the bill without any discussion. Corporate Affairs and Finance Minister ...

Rajya Sabha proceedings were adjourned for the day on Monday after passing the Competition (Amendment) Bill, 2023 without discussion amid uproar by opposition members over the Adani issue. Soon after the Upper House reassembled at 2 pm, Chairman Jagdeep Dhankhar greeted the members on the occasion of Rajya Sabha Day and urged them to participate in discussion, dialogue and deliberations instead of indulging in disruptions. Finance Minister Nirmala Sitharaman then moved the the Competition (Amendment) Bill, 2023 for consideration and passage amid slogan-shouting by Opposition members. Dhankhar put the Bill to voice vote even as the Opposition members continued slogan shouting and passed it before adjourning the House for the day. The House will now meet on Wednesday. The bill, which was passed on March 29 by Lok Sabha, provides for the Competition Commission of India (CCI) to impose penalties on entities based on their global turnover instead of the current practice of considering

The parliamentary panel on finance, chaired by Sinha, presented a report in December identifying 10 anti-competitive practices in digital markets and a need for ex-ante regulations to address them

Govt panel concludes stakeholder discussion on digital competition law

The Competition Commission of India, which has imposed million dollar penalties on Alphabet Inc.'s Google to Amazon.com Inc., is functioning with just two members

'Morality, ethics should undergird free-market economy'

Legislation likely to be introduced in ongoing Budget session of parliament

The suggestion to allow cartels to opt for the settlement scheme is also likely to be introduced in the Bill

The government is expected to propose amendments to the competition law after taking into consideration various suggestions of a Parliamentary panel, in the upcoming Budget session of Parliament, according to a senior official. Besides, discussions are going on with respect to amendments to the Insolvency and Bankruptcy Code (IBC) as well as the Companies Act, 2013. The official also said that the corporate affairs ministry is examining a Parliamentary panel's suggestions on having a new digital competition law. The ministry is implementing the Competition Act, IBC and the Companies Act, and amendments to these laws are expected this year. A bill to amend the competition law was introduced in Parliament on August 5 last year and was later referred to the Parliamentary Standing Committee on Finance. The panel tabled its report on December 13 last year and the ministry will now be coming up with an amendment bill after taking into consideration various recommendations of the ...

Meta, Amazon, Twitter, Google and other Big Tech companies have raised questions on the digital competition law recommended by the Parliamentary Standing Committee on Finance

FICCI in its response to the standing committee had said that the introduction of material influence as proposed would still keep its definition vague and open to interpretation

Proposed Settlement and commitment mechanism

A Parliamentary panel on Tuesday recommended various changes to a bill to amend the competition law, including bringing cartels under the scope of settlements as a "pragmatic recourse". In its report tabled in the Lok Sabha, the Parliamentary Standing Committee on Finance also said the "current prima-facie opinion timeline and that of passing the order for approval of combinations, should remain unchanged". Under the Competition (Amendment) Bill, 2022 that was introduced in the Parliament on August 5, the corporate affairs ministry has proposed reducing the timeline for CCI to form a prima-facie opinion on a case to 20 days from 30 days. Also, it has proposed cutting down the timeline for approval of combinations to 150 days from 210 days. In this regard, the committee said that apprehensions were raised by the Competition Commission of India (CCI) and stakeholders that it will put the authority in a difficult and onerous position. "The committee is of the opinion that reducing th

The Standing Committee of Finance headed by Jayant Sinha will meet on December 8 to consider and adopt the draft report on Competition (Amendment) Bill 2022

The revised timelines proposed in the competition law will help in making the assessment of combinations swift and time-bound as well as provide certainty to businesses, according to the Ministry of Corporate Affairs (MCA). A bill to amend the Competition Act is now being examined by the Parliamentary Standing Committee on Finance. One of the amendments proposed is to reduce the time limit for approval of combinations to 150 days from the current 210 days and another is that the Competition Commission of India (CCI) has to form a prima facie opinion within 20 days for expeditious approval of combinations. Generally, mergers and acquisitions are referred to as combinations in competition law parlance. The corporate affairs ministry has said the overall time limit for assessment of combinations is being reduced to make the process swift and time-bound. "Time frame of 20 days will provide certainty in terms of a prima facie view failing which it will be considered as deemed approved.

Turkey's Competition Authority announced on Wednesday that it has fined Meta Platforms Inc. 346.72 million liras ($18.63 million) for violating competition law

We need to be sensitive to market demand while approving proposed acquisitions.

The proposed introduction of a settlement and commitment framework and deal value threshold for M&A notification under the competition law will enhance the ease of doing business, CUTS International said on Tuesday. Advocacy group CUTS welcomed the introduction of a framework for settlement and commitment in the law, improving the leniency framework, introduction of limitation, introduction of deal value threshold for M&A notification, and recognition of hub and spoke cartels etc in the Competition (Amendment) Bill, 2022. "All these are likely to reduce caseload on the Competition Commission of India (CCI) as well as enhance ease of doing business," CUTS said in its comments on the Competition (Amendment) Bill, 2022, submitted to the Parliament Standing Committee on Finance. However, there are certain provisions of the Bill that may need reconsideration, it added. The Competition (Amendment) Bill proposed that the CCI shall not entertain information (or reference) unless it is

'In the case of market purchases where prices are volatile, if one is required to wait for approval from the CCI, the person or entity may lose the opportunity to buy shares at best prices'

The central government is planning to introduce a "leniency plus" programme in a bid to encourage companies, under investigation for one cartel, to report other cartels that are not known to the CCI