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”We are considering having pre-merger consultations clause for vetting mergers under sections 5 and 6 of the Competition Act,” said CCI chairman Dhanendra Kumar at the Indo-US Economic Summit held in the capital. The provision of pre-merger consultations will allay fears of the corporates that the CCI’s approval process, which can be as long as 210 days, could delay strategic investments and M&As.
The government also ordered it to hear cases that the MRTPC had failed to resolve when it was wound up last year. The government has expanded the mandate of a tribunal, which has been hearing pending cases of restrictive trade practices, to include cases of unfair trade practices and compensation from 18 January, said an official working for the judicial panel.
In recent times, Ministry of Corporate Affairs has taken a number of initiatives by introducing e-stamping with MCA-21 to further facilitate the e-registration of companies. It has also made the Competition Commission of India (CCI) and Competition Appellate Tribunal (CAT) functional. Limited Liability Partnership Act has been enacted and relevant rules issued.
The Parliament has passed the the Competition (Amendment) Bill, 2009 which is to replace the Competition (Amendment) Ordinance, 2009 and to further amend section 66 of the Competition Act, 2002. Rajya Sabha passed it today, while the Lok Sabha had already considered and passed it on 14th December, 2009.
The government is likely to seek the Cabinet’s approval on amending the Competition Act 2002 to facilitate the winding up of the Monopolistic and Restrictive Trade Practices Commission before 2011. The Bill will essentially replace the ordinance issued in October this year. The ordinance was to allow winding up the MRTPC at the earliest against 2011 as specified in the Competition Act.
Competition Commission of India has invited applications from experienced professionals in Law, Economics and Financial Analysis fields for direct recruitment to various posts of the level of Deputy Director, Joint Director, Director and Advisor in professional category and levels of Office Manager and Assistant Director in the support staff category. The advertisement inviting applications has been published in Indian Express and Economic Times on 12th November, 2009 and also hosted on their website www.cci.gov.in.
After a lull, the contentious provisions regarding mergers and acquisitions (M&A’s) of the amended Competition Act is back on the discussion table of the Ministry of Corporate Affairs (MCA). The Ministry is planning to hold a meeting with the new anti-monopoly watchdog the Competition Commission of India (CCI) and the stakeholders in the first week of December to discuss the M&A clauses – Sections 5 and 6 – that are yet to be notified, official sources told to leading business newspaper.
“Besides the hefty fine, jail sentences were awarded to companies found violating the clauses of the competition law in Europe. While in India the maximum penalty ends with a fine, it might not be surprising that an imprisionment provision will be incorporated to add more teeth to the present CCA”, he said.
Several banks and housing finance companies have come under the scanner of the competition watchdog for imposing penalty on pre-payment of loans. The Competition Commission of India, according to a CCI official, is scrutinising a complaint concerning pre-payment penalty from a customer against major home loan players like HDFC, LIC Housing Finance and Deutsche Postbank.
The Ministry of Corporate Affairs, Government of India has issued a Notification dated 28th August 2009, whereby the most controversial the Monopolies and Restrictive Trade Practices Act, 1969 (the MRTP Act) stands repealed and is replaced by the Competition Act, 2002, with effect from September 1, 2009.
