The Central Government recently introduced the Competition (Amendment) Bill, 2022 (“Bill”) amending the provisions of the Competition Act, 2002 (“Competition Act”) in the lower house of the Parliament i.e., the Lok Sabha. The Bill introduces key amendments, such as deal value thresholds, commitments and settlements, hub-and-spoke cartels, etc. which will update the Competition Act by providing it with more teeth and flexibility, in line with the changing economic and business reality.
However, on account of the monsoon session of the Parliament coming to an early close without the Bill being passed, it is likely that the Bill will now be debated upon and passed in the winter session of the Parliament. This may be a blessing in disguise as it will allow the Parliament an opportunity to understand the feedback of industry and lawyers on the Bill and finetune it to ensure a smooth transition once it comes into force. INDUSLAW's Avimukt Dar, Unnati Agrawal, Parth Sehan and Hrishav Kumar analyse the key proposed amendments and provide their insights on the Bill.
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