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/ India News / 2007 / September 2007 / September 10, 2007 Parliament passes Competition Bill |
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The Parliament today passed the Competition (Amendment) Bill, 2007, which seeks to provide statutory powers to the Competition Commission of India (CCI).
New Delhi, Sept 10 : The Parliament today passed the Competition (Amendment) Bill, 2007, which seeks to provide statutory powers to the Competition Commission of India (CCI).
After the assent by the President to the Bill, the Government will operationalise the CCI that was set up in 2003.
The Bill was introduced by Corporate Affairs Minister Prem Chand Gupta on August 29.
Under the provisions of the Bill, the Commission would now act as an expert body, which would function as a market regulator for preventing and regulating anti-competitive practices and would also play an advisory and advocacy role.
A three-member, quasi-judicial Competition Appellate Tribunal headed by a serving or former Supreme Court justice or the Chief Justice of a High Court, shall be set up to hear appeals against the Commission's order.
The companies will have to inform the CCI about mergers and acquisitions within 30 days of such deals or face penalties if they fail to do so.
The Bill also aims at continuation of the Monopolies and Restrictive Trade Practices Commission (MRTPC) till two years after constitution of Competition Commission, for trying pending cases under the Monopolies and Restrictive Trade Practices Act, 1969 after which it would stand dissolved.
Cases still remaining pending after this two year period, would be transferred to Competition Appellate Tribunal or the National Commission under the Consumer Protection Act, 1986 depending on the nature of cases. The staff of the MRTPC will be transferred and absorbed in CCI or the Competition Appellate Tribunal.
ANI
