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The Government has constituted a committee to review the Competition Act, 2002, “in view of changing business environment and bring necessary changes, if required.”
The 9 member Competition Law Review Committee will be headed by MCA Secretary, Injeti Srinivas and will include the current CCI Chairperson, Sudhir Mittal and IBBI Chairperson, M.S. Sahoo. The Committee will also include members of the legal community, Haigreve Khaitan of Khaitan & Co. and Pallavi Shroff of Shardul Amarchand Mangaldas & Co.
According to the press release, the Competition Law Committee was formed to ensure that Competition Act is “in sync with the needs of strong economic fundamentals.” The Committee will study the international best practices in competition fields with a focus on merger guidelines and handling cross border competition issues.
The Committee will also study “other regulatory regimes/ institutional mechanisms/ government policies which overlap with the Competition Act” and is expected to submit a report within three months from the date of its first meeting.