Report of the Competition Law Review Committee submitted

Context

Report of the Competition Law Review Committee submitted to Union Finance and Corporate Affairs Minister.

Recommendations

The Competition Law Review Committee headed by Injeti Srinivas has submitted its report to the Government.
Government had constituted Competition Law Review Committee in 2018 to review the existing framework and recommend changes to strengthen it.
The committee has recommended a ‘Green Channel’ for faster regulatory approvals for mergers and acquisitions that may have no major implications on competition.
It has also said that combinations arising out of the insolvency resolution process under the Insolvency and Bankruptcy Code should also be eligible for Green Channel approvals.
The report has also suggested setting up of Competition Commission of India(CCI) offices at the regional level for non-adjudicatory functions such as research and advocacy.
The Committee has also recommended that a dedicated bench be introduced in the National Company Law Appellate Tribunal (NCLAT) for hearing appeals under the Competition Act.
The report has asked CCI to issue guidelines on the imposition of penalties to ensure more transparency and faster decision making which will encourage compliance by businesses.
It has also recommended for strengthening the governance structure of CCI with the introduction of a Governing Board to oversee advocacy and quasi-legislative functions leaving adjudicatory functions to the Whole-time Members.

Background

The Government constituted a Competition Law Review Committee on 1st October 2018 to review the existing Competition law framework and make recommendations to further strengthen the framework to inter alia meet new economic challenges.

The Competition Act

The Competition Act, 2002, as amended by the Competition (Amendment) Act, 2007, prohibits anti-competitive agreements, and abuse of dominant position by enterprises and regulates combinations (acquisition, acquiring of control and M&A), which cause or are likely to cause an appreciable adverse effect on competition within India.

Source: The Hindu

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