Section 66 of the Competition Act for repealing the Monopolies and Restrictive Trade Practices (MRTP) Act and dissolution of the MRTP Commission would be notified by Tuesday, said Salman Khurshid, minister of state for corporate affairs. This move would end the problem of concurrent jurisdiction between the two laws.
The Competition Commision of India (CCI), established in 2003 as an advisory body, got statutory powers in 2007 by an Act of Parliament. Thus, this had necessitated repealment of the MRTP Act.
The minister also said in an interaction with members of PHD Chamber of Commerce, an industry body, that the government was open to a dialogue with the industry to know its apprehension and concerns relating to notification of Section 5 of the Competition Act. The Section related to mergers and amalgamations.
He also said that issues relating to prosecution will be addressed in the New Companies Bill.
In the new Bill, many routine defaults will be made compoundable offenses and not treated as criminal offenses.