The Lok Sabha on Wednesday approved the Competition Amendment Bill, bringing a significant update to the over two-decade-old law that fosters competition in the market a step closer to reality.
Besides the original proposals, such as negotiated settlements in the case of certain anti-competitive behaviour and expanded merger control provisions based on the value of transactions, that were part of the Bill tabled in the House last year, the Bill cleared by the Lower House includes a major last-minute change in the penalty provision.
For the purpose of penalty, the Bill defines ‘turnover’ as global turnover derived from all the products and services by a person or an enterprise. The goal is to levy a penalty as a percentage of the global turnover of the offending company in the case of anti-competitive agreements and abuse of dominance, moving away from the current practice of levying a part of the local or relevant market turnover as a penalty.
Bu hikaye Mint Mumbai dergisinin March 30, 2023 sayısından alınmıştır.
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Bu hikaye Mint Mumbai dergisinin March 30, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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