India: Cabinet clears amendments to Competition Act

The Cabinet of India, last Thursday cleared amendments to the Competition Act, bringing all sectors under the purview of the fair trade regulator, the Competition Commission of India (CCI). The Finance Minister P. Chidambaram, announcing the decision, said all sectors would come under the watchdog to meet the changing business environment. At a media briefing, Chidambaram announced that although the basic structure of the Competition Act will remail, the cabinet will continue to make amendments. The Competition Act in general, lays down caveats with regard to mergers in the banking sector, in the case of failing banks.

Previous major amendments approved by the cabinet include reducing the overall time limit of finalization of combinations from 210 days to 180 days, and the insertion of a new section enabling the government to lay down different thresholds for enterprises for the purpose of examining acquisitions, mergers and amalgamations.

Full Content: India Daily News

Related Content: The New Indian Merger Control: Key Procedural Issues

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.