Govt forms Competition Law Review Committee to review Competition Act 2002

New Delhi, Oct 1 (KNN) The Central Government has formed a Competition Law Review Committee to ensure that the legislation is in tune with the changing business environment.

According to the Finance Ministry release, the committee will review the competition act and regulations in view of changing business environment and bring necessary changes, if required.

The committee will also look into international best practices in competition field, especially anti-trust laws, merger guidelines and handling cross border competition issues, the

Other regulatory regimes, institutional mechanism and government policies, which overlap with the Competition Act, will also be studied by the committee. The committee will submit the report within three months of the date of its first meeting, the release said.

The release said “In pursuance of its objective of ensuring that legislation is in sync with the needs of strong economic fundamentals, the government has constituted a Competition Law Review Committee to review the Competition Act.”

It further added that to promote best practices it is essential that the Competition Law is strengthened, and re-calibrated.

This will help the citizens of the country achieving their aspirations and value for money, according to release.

The review committee comprises the Secretary, Ministry of Corporate Affairs (MCA), Chairperson of CCI, Chairperson of Insolvency and Bankruptcy Board of India, Haigreve Khaitan from Khaitan & Co, Pallavi Shardul Shroff, Advocate from law firm Shardul Amarchand Mangaldas & Co, S Chakravarthy, IAS (Retd.), Aditya Bhattacharjea, Professor of Economics, Delhi School of Economics and Joint Secretary (Competition), MCA.

The Competition Act was passed in 2002 by the parliament so as to form a commission to oversee the business operations of companies and individuals in the country following fair practices.