In view of changing biz climate, govt sets up Competition Act Review Panel

Indian parliament building is reflected in a puddle after the rain in New Delhi

The government has constituted a panel to review the competition law, an official release said Sunday.

The committee would review "the Competition Act/ Rules/ Regulations, in view of changing business environment and bring necessary changes, if required," the release said.

The nine-member committee chaired by Corporate Affairs Secretary Injeti Srinivas includes Insolvency and Bankruptcy Board of India (IBBI) Chairperson M S Sahoo and Competition Commission of India (CCI) Chairperson.

At present, Sudhir Mittal is the acting Chairperson of CCI.

Announcing the setting up of the Competition Law Review Committee, the government said it is in pursuance of its objective of ensuring that legislation is in sync with the needs of strong economic fundamentals.

The committee would also look into international best practices in the competition fields, especially anti-trust laws, merger guidelines and handling cross-border competition issues.

Further, it would study "the regulatory regimes/ institutional mechanisms/ government policies which overlap with the Competition Act", the release said.

The committee would submit its report within three months from the date of its first meeting.

Khaitan & Co's Haigreve Khaitan, IKDHVAJ Advisers LLP's Harsha Vardhana Singh and Shardul Amarchand Mangaldas & Co's Pallavi Shardul Shroff are among the panel members.

Other members are S Chakravarthy, Hony. visiting professor at ASCII, Aditya Bhattacharjea, Professor of Economics at Delhi School of Economics and Joint Secretary (Competition) from the Corporate Affairs Ministry.

The Competition Act was passed in 2002 and CCI "started functioning in right earnest in 2009," the release said.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel