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The Union Cabinet has approved the proposal of the Ministry of Corporate Affairs to further amend the Competition Act, 2002, with a view to fine tune it and to meet the present day needs in the field of competition, in the light of the experiences gained in the actual working of the Competition Commission of India in the last few years.
The provisions of the Competition Act, 2002 relating to regulation of combinations and the Competition Commission of India (Procedure in regard to the transaction of business relating to combination) Regulation, 2011 (“Combination Regulations”) have been in force with effect from 1st June, 2011. The Competition Commission of India, after gaining experience of implementation of the Combination Regulations for almost nine months, has amended the Regulations with a view to provide relief to the corporate entities from making filings for combinations which are unlikely to raise adverse competition concerns, reduce their compliance requirements, make filings simpler and to move towards certainty in the application of the Act and the Regulations.
NOTIFICATION F.No.3-1/Amend/Comb. Regl./2012/CD/CCI, dated 23-2-2012 These regulations may be called the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Amendment Regulations, 2012. (2) They shall come into force on the date of their publication in the Official Gazette.
The Competition Commission of India (CCI) Chairman Shri Ashok Chawla has pointed out that competition advocacy is a critical function of competition agencies as it has a very important role to play in creating ‘competition culture’ in the economies. Addressing a one day long an international workshop organised yesterday in collaboration with Organisation for Economic Co-operation and Development (OECD) on the theme “Advocating for Competition in Policies and in Practice” here Shri Chawla said continuous engagement with the various stakeholders including the government, at various levels, using tools such as policy advice, education, market studies, and competition impact assessment are imperative towards achieving the objective of competition law and policy.
(iv) Company Law Settlement Scheme [CLSS]: This was introduced in August 2011 to give a chance to companies who have failed to file the balance sheets and annual returns earlier, to complete their filings to avoid prosecution. This measure has elicited a good response and so far about 1.25 lakh documents have been filed, yielding a revenue of Rs.15.37 crore. The Scheme is now valid till January 15, 2012.
Shri Ashok Chawla today took oath as New Chairman of the Competition Commission of India. He was administered the oath of the office by Union Corporate Affairs Minister Dr. M. Veerappa Moily in his Office. Shri Chawla has been the former Finance Secretary to the Govt. of India and has succeeded Shri Dhanendra Kumar who […]
Union Corporate Affairs Minister Dr. M. Veerappa Moily has said that the announcement of the national competition policy will be the second biggest reform initiative after the 1991 economic reforms. Dr. Moily was chairing the first Consultation Meeting organized by the Indian Merchants’ Chamber and the Indian Institute of Corporate Affairs in Mumbai today. He hoped that the Cabinet’s nod will be obtained by the end of this year to pave way for the New Competition Policy next year.
The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that an information alleging cartelization by Synthetic Fiber Manufacturer Companies has been received by the Competition Commission of India (CCI). The Commission has directed Director General, CCI to conduct investigation in the said matter.
The Competition Commission of India consists of a Chairperson and not less than two and not more than six other Members. Under Section 18 of the Competition Act, the functions of the Commission inter-alia are to eliminate practices having adverse effect on competition, promote and sustain competition, protect the interests of consumers and ensure freedom of trade carried on by other participants, in markets in India.
The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabha that 33 cases have been investigated by SFIO during the last 3 years i.e. 2008-09, 2009-10, 2010-11 and 2011-12 (till date 05.08.2011). The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Rajya Sabha since its inception on 20th May, 2009, the Competition Appellate Tribunal (CAT) has received 36 appeals against decisions of the Competition Commission of India. CAT functions out of New Delhi and has no benches outside.
