Comments Invited  By 03.10.2012 on Draft Notification regarding Grant of Exemption to Shipping Industry from the purview of Competition Act, 2002.Comments may be sent by mail at dirad4-mca@nic.in or by post to Shri J.B.Kaushish, Under Secretary, Ministry of Corporate Affairs, Shastri Bhawan, New Delhi.

FORMAT OF DRAFT NOTIFICATION IS AS FOLLOWS :-

[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY
PART-II, SECTION 3, SUB-SECTION (ii)]

GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION
New Delhi, the __ September, 2012.

S.O. …….  (E).– In exercise of powers conferred by clause(a) of Section 54
of the Competition Act, 2002 (12 of 2003), the Central Government, in public interest, hereby exempts the Shipping Industry (domestic and foreign parties) operating in India from the provisions of Competition Act for a period of one year from the date of publication of this notification in the Gazette of India in respect of Vessel Sharing Agreement (VSA) and Voluntary Discussions Agreement (VDA) subject to the following conditions:-

(a) that during the said period of one year, the Directorate General of Shipping (DG-Shipping) shall monitor operations of the agreements and for that purpose shall require compulsory lodging of the relevant documents in its offices; and

(b) that on completion of one year DG (Shipping) shall hold a joint review of such agreements with the CCI to see if these agreements have caused any appreciable adverse effect on competition.

[F.No. 5/20/2011-CS]

(Manoj Kumar) Joint Secretary

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Category : Corporate Law (3528)
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