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ForumIAS Answer Writing Focus Group (AWFG) for Mains 2024 commencing from 24th June 2024. The Entrance Test for the program will be held on 28th April 2024 at 9 AM. To know more about the program visit: https://forumias.com/blog/awfg2024
- The Competition Law Review Committee headed by Injeti Srinivas has submitted its report to the Government.
- Government had constituted Competition Law Review Committee in 2018 to review the existing framework and recommend changes to strengthen it.
- The committee has recommended a ‘Green Channel’ for faster regulatory approvals for mergers and acquisitions that may have no major implications on competition.
- It has also said that combinations arising out of the insolvency resolution process under the Insolvency and Bankruptcy Code should also be eligible for Green Channel approvals.
- The report has also suggested setting up of Competition Commission of India(CCI) offices at the regional level for non-adjudicatory functions such as research and advocacy.
- The Committee has also recommended that a dedicated bench be introduced in the National Company Law Appellate Tribunal(NCLAT) for hearing appeals under the Competition Act.
- The report has asked CCI to issue guidelines on imposition of penalty to ensure more transparency and faster decision making which will encourage compliance by businesses.
- It has also recommended for strengthening the governance structure of CCI with the introduction of a Governing Board to oversee advocacy and quasi-legislative functions leaving adjudicatory functions to the Whole-time Members.
- The report has also said that the Competition Act should be amended to allow the government to introduce deal value or transaction value thresholds for combinations to come under scrutiny.
- The report has suggested the introduction of express provisions to identify ‘hub and spoke’ agreements as well as agreements that do not fit within typical horizontal or vertical anti-competitive structures to cover agreements related to business structures and models synonymous with new age markets.
