Competition (Amendment) Bill passed in LS
The Lok Sabha on Thursday passed without any debate the Competition (Amendment) Bill, 2007, which seeks to give statutory powers to Competition Commission of India.
By PTI |
NEW DELHI: The Lok Sabha on Thursday passed without any debate the Competition (Amendment) Bill, 2007, which seeks to give statutory powers to Competition Commission of India.
The bill was passed with a voice vote amid an uproar by NDA members over the nuclear deal between India and the US. The opposition has asked for a joint parliamentary committee to discuss the nuclear deal, but the government has dismissed their demands.
The bill will now be tabled in Rajya Sabha for approval.
According to the bill, moved by Corporate Affairs Minister P C Gupta, the Commission will ultimately replace Monopolies and Restrictive Trade Commission (MRTPC). The Commission was established way back in 2003.
The new law, when it comes into operation, would bind the companies to inform CCI about mergers and acquisitions within 30 days. Companies could be penalised in case they fail to do so. The bill has a provision for a three-member quasi-judicial body Competition Appellate Tribunal to hear appeals against any direction issued by the Commission.
ADVERTISEMENT
It also seeks to empower the CCI to impose penalty of up to Rs 25 crore or up to three-year imprisonment or both in cases of continued contravention of its orders if the Chief Metropolitan Magistrate of Delhi deems fit. MRTPC will continue to deal with pending cases even two years after the establishment of CCI and will be dissolved thereafter. However, MRTPC would not entertain any new cases after the CCI is constituted. Cases pending with MRTPC after two years of setting up of CCI will be transferred to the latter.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
