In addition, discussions are ongoing regarding amendments to the Insolvency and Bankruptcy Code (IBC) as well as the Companies Act 2013. The Department is implementing the Competition Act, the IBC and Companies Act, and amendments to these Acts are expected this year. year.
The government is expected to propose amendments to the competition law after considering various suggestions from a parliamentary panel, during the next budget session of parliament, according to a senior official.
In addition, discussions are ongoing regarding amendments to the Insolvency and Bankruptcy Code (IBC) as well as the Companies Act 2013.
The official also said that the Ministry of Commercial Affairs was considering suggestions from a parliamentary panel on the establishment of a new digital competition law.
The ministry is implementing the Competition Act, the IBC and the Companies Act, and amendments to these laws are expected this year.
A bill to amend the Competition Act was introduced in parliament on August 5 last year and was subsequently referred to the parliamentary standing finance committee. The committee tabled its report on December 13 of last year and the department will now introduce an amending bill after considering various recommendations of the committee.
The senior official said the competition law amendment bill is expected during the budget session of parliament.
Introducing a “Resolution and Engagement Framework to Reduce Disputes” and incentivizing parties to an ongoing cartel investigation in terms of lesser penalties to disclose information regarding other cartels were among the proposals in the bill introduced in August of last year.
In its report, the parliamentary panel recommended various changes to the bill aimed at amending competition law, including the inclusion of cartels in the scope of transactions as a “pragmatic remedy”.
The budget session of Parliament will start on January 31 with President Draupadi Murmu’s speech to the joint session of the Lok Sabha and the Rajya Sabha.
The session will have 27 sittings and will continue until April 6 with a month-long break to review budget documents. The first part of the session will end on February 14 and after a break, will resume on March 12.
In another report on “Anticompetitive Practices by Big Tech Companies,” the parliamentary panel on Dec. 22 proposed a new digital competition law, ex ante regulations, and the creation of a class of systemically important digital intermediaries. to combat anti-competitive practices. in the digital market.
(Edited by : Vivek Dubey)
First post: January 15, 2023 6:00 p.m. STI