The Lok Sabha has passed the Competition (Amendment) Bill, 2022 on Wednesday, amending the Competition Act of 2002.
The Bill was introduced in the Lok Sabha on August 5, last year, during the Parliament’s Monsoon Session. It was referred to the Parliamentary Standing Committee on Finance, chaired by Jayant Sinha for examination.
The Bill seeks to amend the Competition Act to regulate mergers and acquisitions based on transaction value. Deals worth more than ₹2,000 crore will require the permission of the Competition Commission of India (CCI). It also suggests shortening the time it takes the CCI to pass an order on such transactions from 210 to 150 days.
Furthermore, the Bill seeks to broaden the scope of entities that can be considered as being involved in anti-competitive agreements. At the moment, only businesses or individuals in similar industries can be held accountable for such agreements. The Bill, however, intends to broaden this to include businesses or individuals who do not work in similar fields.
Another suggested introduction is a framework for faster resolution of investigations through settlement and commitment. The Bill also decriminalises certain Act offences by substituting civil sanctions for fines. These offences include failing to cooperate with CCI orders and Director General (DG) directives relating to anti-competitive agreements and abuse of dominant position.
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