Competition Amendment Bill passed by Lok Sabha amid pandemonium
HY News
29 March, 2023 02:29 pm IST
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The Lok Sabha on Wednesday passed the Competition Amendment Bill 2022 without discussion amid vociferous protests by Congress-led opposition, which sought a probe in the Adani matter.
The bill proposes to expand the scope of cartel prosecution by bringing hybrid anti-competitive agreements (such as hub and spoke cartels) within its ambit to enable the Competition Commission of India to treat cartel facilitators (who actively participated) at par with the cartel participants.
The Bill provides a framework for settlement and commitment for faster resolution of investigations of anti-competitive agreements and abuse of dominant position. It also decriminalises certain offences under the Act by changing the nature of punishment from the imposition of fine to civil penalties.
These offences include failure to comply with orders of the CCI and directions of the Director General related to anti-competitive agreements and abuse of dominant position. The Competition (Amendment) Bill 2022 was introduced in the Lok Sabha in August 2022 and referred to the Standing Committee in the same month. The Standing Committee submitted its report in December last year.
It also proposes to further expand the scope of cartel prosecution to include non-participants who had ‘intended to participate’ in the cartel.
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