Government constitutes Competition Law Review Committee to review Competition Act

Oct 1, 2018 10:29 IST
Government constitutes Competition Law Review Committee to review Competition Act

The Union Government on September 30, 2018 constituted a Competition Law Review Committee to review the Competition Act, 2002. The Committee will be headed by Injeti Srinivas, Secretary of the Union Ministry of Corporate Affairs.

The Review Committee was constituted with an aim to ensure that the Act coexists with the needs of strong economic fundamentals.

What led to the formation of the Competition Law Review Committee?

The Competition Act was passed in the year 2002 and the Competition Commission of India was set up as a follow up to the Act. The Commission started functioning from 2009 and contributed immensely towards the development of competition and fair play practices in the Indian market.

The Competition Act lays the ground rules for fair trade practices and prohibits practise of dominance, bid rigging, predatory pricing, and mergers of companies that have adverse effect on competition.

During the past nine years, the size of the Indian Economy has grown immensely and India is today amongst the top five Economies in the World and is expected to grow further.

Considering this, the government felt the need of strengthening the Competition Law and re-calibrate it to promote best practices which enable citizens to achieve their aspirations and subsequently, the Committee was formed.

Members of the Competition Law Review Committee

Designation in the Committee

Name

Profession

Chairperson

Injeti Srinivas

Secretary, Ministry of Corporate Affairs 

Member

Sudhir Mittal (Acting Chairperson of CCI)

Chairperson, Competition Commission of India (CCI)

Member

MS Sahoo

Chairperson, Insolvency and Bankruptcy Board of India

Member

Haigreve Khaitan

Partner at Khaitan & Co

Member

Harsha Vardhana Singh

Chairman, IKDHVAJ Advisers LLP

Member

Pallavi Shardul Shroff

 

Advocate at Shardul Amarchand Mangaldas & Co.

Member

Dr. S Chakravarthy

IAS (Retd.), Visiting Professor at ASCII

Member

Aditya Bhattacharjea

Professor of Economics, Delhi School of Economics

Member Secretary

-

Joint Secretary (Competition), MCA

Terms of References of the Committee

To review the Competition Act and its rules and regulations to change business environment and bring necessary changes, if required

To look into international best practices in the competition fields, especially anti-trust laws, merger guidelines and handling cross border competition issues

To study other regulatory regimes, institutional mechanisms and government policies which overlap with the Competition Act

Any other matters related to competition issue and considered necessary by the Committee.

The Committee will submit its report within three months from the date of its first meeting.

 

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