Page 3 - Competition Law

Budget session: Govt likely to propose amendments to competition law

The government is expected to propose amendments to the competition law after taking into consideration various suggestions of a Parliamentary panel, in the upcoming Budget session of Parliament, according to a senior official. Besides, discussions are going on with respect to amendments to the Insolvency and Bankruptcy Code (IBC) as well as the Companies Act, 2013. The official also said that the corporate affairs ministry is examining a Parliamentary panel's suggestions on having a new digital competition law. The ministry is implementing the Competition Act, IBC and the Companies Act, and amendments to these laws are expected this year. A bill to amend the competition law was introduced in Parliament on August 5 last year and was later referred to the Parliamentary Standing Committee on Finance. The panel tabled its report on December 13 last year and the ministry will now be coming up with an amendment bill after taking into consideration various recommendations of the ...

India's new competition law may dampen digital innovation: Big Tech

Meta, Amazon, Twitter, Google and other Big Tech companies have raised questions on the digital competition law recommended by the Parliamentary Standing Committee on Finance

Competition Bill: Panel asks for explicit definition of material influence

FICCI in its response to the standing committee had said that the introduction of material influence as proposed would still keep its definition vague and open to interpretation

Competition (Amendment) Bill: Panel wants annual review of deal valuations

Proposed Settlement and commitment mechanism

Parliamentary panel suggests changes to Competition (Amendment) Bill

A Parliamentary panel on Tuesday recommended various changes to a bill to amend the competition law, including bringing cartels under the scope of settlements as a "pragmatic recourse". In its report tabled in the Lok Sabha, the Parliamentary Standing Committee on Finance also said the "current prima-facie opinion timeline and that of passing the order for approval of combinations, should remain unchanged". Under the Competition (Amendment) Bill, 2022 that was introduced in the Parliament on August 5, the corporate affairs ministry has proposed reducing the timeline for CCI to form a prima-facie opinion on a case to 20 days from 30 days. Also, it has proposed cutting down the timeline for approval of combinations to 150 days from 210 days. In this regard, the committee said that apprehensions were raised by the Competition Commission of India (CCI) and stakeholders that it will put the authority in a difficult and onerous position. "The committee is of the opinion that reducing th

Standing Committee to take view on Competition Amendment Bill 2022

The Standing Committee of Finance headed by Jayant Sinha will meet on December 8 to consider and adopt the draft report on Competition (Amendment) Bill 2022

Revised combination assessment timelines under competition law soon: MCA

The revised timelines proposed in the competition law will help in making the assessment of combinations swift and time-bound as well as provide certainty to businesses, according to the Ministry of Corporate Affairs (MCA). A bill to amend the Competition Act is now being examined by the Parliamentary Standing Committee on Finance. One of the amendments proposed is to reduce the time limit for approval of combinations to 150 days from the current 210 days and another is that the Competition Commission of India (CCI) has to form a prima facie opinion within 20 days for expeditious approval of combinations. Generally, mergers and acquisitions are referred to as combinations in competition law parlance. The corporate affairs ministry has said the overall time limit for assessment of combinations is being reduced to make the process swift and time-bound. "Time frame of 20 days will provide certainty in terms of a prima facie view failing which it will be considered as deemed approved.

Turkey authority fines Meta $18.63 million for violating competition law

Turkey's Competition Authority announced on Wednesday that it has fined Meta Platforms Inc. 346.72 million liras ($18.63 million) for violating competition law

Balancing innovation and fair play needed: CCI chairman Ashok Kumar Gupta

We need to be sensitive to market demand while approving proposed acquisitions.

Provisions in Competition Amendment Bill to reduce caseload on CCI: CUTS

The proposed introduction of a settlement and commitment framework and deal value threshold for M&A notification under the competition law will enhance the ease of doing business, CUTS International said on Tuesday. Advocacy group CUTS welcomed the introduction of a framework for settlement and commitment in the law, improving the leniency framework, introduction of limitation, introduction of deal value threshold for M&A notification, and recognition of hub and spoke cartels etc in the Competition (Amendment) Bill, 2022. "All these are likely to reduce caseload on the Competition Commission of India (CCI) as well as enhance ease of doing business," CUTS said in its comments on the Competition (Amendment) Bill, 2022, submitted to the Parliament Standing Committee on Finance. However, there are certain provisions of the Bill that may need reconsideration, it added. The Competition (Amendment) Bill proposed that the CCI shall not entertain information (or reference) unless it is

Inter-regulatory coordination to reduce arbitrage opportunity: CCI chairman

'In the case of market purchases where prices are volatile, if one is required to wait for approval from the CCI, the person or entity may lose the opportunity to buy shares at best prices'

Govt plans 'leniency plus' regime for strict probe into cartels: Report

The central government is planning to introduce a "leniency plus" programme in a bid to encourage companies, under investigation for one cartel, to report other cartels that are not known to the CCI

Competition (Amendment) Bill: How it is looking to change CCI's functioning

Bill proposes to let individual members of the 6-member board to decide on matters for faster disposal of cases

UK competition watchdog fines Meta $2 million over Giphy acquisition

Meta failed to notify the regulator about the resignation of three key employees and the reallocation of their roles, according to the watchdog

CCI issues order against firms guilty of bid-rigging and cartelization

The Competition Commission of India (CCI) issued a final order on Friday against six firms

Zee, Invesco battle to test Competition law on wresting corporate control

Zee says Invesco did not seek CCI approval for naming six nominee directors on its board; lawyers say consent not required for less than 10% stake acquisition

Regulatory oversight needs fine-tuning with changing times: CCI Chairman

Data hegemony by some digital companies may lead to an "attention economy", he says

Best of BS Opinion: Seal a tax deal, the road ahead for SBI, and more

Here are the best of Business Standard's opinion pieces for Monday

Competition law in digital platform era

Are we running a cricket match using football rules?

China warns online platform companies to halt anti-competitive practices

China's market regulator said on Tuesday it had warned nearly three dozen internet "platform" companies to stop using any banned practices