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New Delhi [India], April 3 : The Competition (Amendment) Bill 2023 has been cleared by both the houses of Parliament.The Bill was passed today amid ruckus in the Parliament as the Opposition raised slogans on the Ad-Hindenburg issue and continued with their demand for a joint parliamentary committee-led probe on the issue.Deals with a transaction value of more than Rs 2,000 crore, according to the Bill, will require the approval of the Competition Commission of India (CCI).In view of making the assessment for combinations time-bound and quicker, the Bill proposes that the overall time-limit for such assessment to be reduced from the existing 210 days to 150 days from the date of filing of combination notice by the parties. Further, prima facie opinion be framed on combination notifications within a time-period of 30 days from the receipt of such notice, failing which the combination shall be considered as deemed approved;According to a note on the Competition Amendment Bill, the introduction of a Green Channel route for certain combinations which shall be eligible for deemed approval in a trust-based framework, upon filing of a combination notice. CCI has recently introduced a Green Channel, for an automatic approval of combinations.Another salient feature is that only factors namely, wholesale price index or fluctuations in exchange rate of rupee or foreign currencies, are currently considered relevant for revision of combination thresholds. Other factors are being provided through official amendments to factor in situations like global competitive scenarios or revision of thresholds in other jurisdictions etc. It is also being provided that the government after considering all these factors may also keep the thresholds at the same level. At present, the government has the option only of either enhancing or reducing the thresholds by way of notification.According to the note, there are certain other amendments that have been proposed to include changes in certain definitions like that of 'enterprise', 'relevant product market', 'Group', 'Control', etc, whereas the scope of anti-competitive agreements to be widened to include agreements other than vertical and horizontal agreements which are anti-competitive in nature.It also said a party which participates or intends to participate in furtherance of an anti-competitive horizontal agreement to be covered along with parties to such an agreement.Another salient feature is a limitation period of three years for filing information before CCI to ensure that only genuine cases that adversely affect competition in the market are considered by the Commission.According to the note, the scope of inter-regulatory consultations to be enhanced on matters raised before the authorities (CCI and other regulators), to bring more certainty for businesses.A leniency plus framework is proposed to incentivise the parties in an ongoing cartel investigation to disclose information regarding other existing cartels, it added.The Bill also brings in the power to appoint Director General (DG) by the Commission, instead of the central government for bringing in more operational and administrative efficiency in the functioning of the Commission. However, such appointment will be after the prior approval of the central government as a check and balance and to ensure independence of the working of the office of DG.According to the note, keeping in view the concerns of the Standing Committee, the definition of agent in the Bill is being modified through official amendments. Thus, only persons employed as legal advisors by persons under investigation may be called for examination in course of investigation by the DG.Another salient feature is the introduction of a Settlement and Commitments framework in cases of abuse of dominance and anti-competitive agreements, except for horizontal agreements. In case of settlement, compensation can be claimed by the Third Parties, if aggrieved.The existing provision for fine/ imprisonment under the said Act by the National Company Law Appellate Tribunal (NCLAT) to be replaced with punishment for contempt, in accordance with the provisions of the Contempt of Courts Act, 1971, and word 'fine' to be replaced with 'penalty' in some other provisions of the Act which empower the Commission to impose penalties for various non-compliances.It also added the Commission may issue guidance notes on matters including manner of calculation of penalty that may be imposed for contravention of the provisions of the Act for greater transparency and certainty in its enforcement practices. For greater transparency and participation of stakeholders in making sub-ordinate legislation, it is proposed that CCI may issue regulations only after public consultation.In the Competition Amendment Bill, which was introduced in the Lok Sabha, an explanation was inserted to Section 27 (b) to provide for determination of turnover through regulations framed by the Commission. It was thought that this would provide flexibility to the Commission for imposition of a penalty up to total turnover of an enterprise or a party.Reportedly, the Bill was introduced in the Lok Sabha in August 2022, during the Monsoon Session of the Parliament, and subsequently, it was referred to the Parliamentary Standing Committee on Finance for examination.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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