Although in its nascent stage, India’s revised competition law is set to change the way the nation’s business is conducted.
Competition legislation seeks to protect consumer welfare and prevent concentration of economic power. The Competition Act, 2002 (amended in 2007), replaces the previous Monopolies and Restrictive Trade Practices Act. As of September 2009 the Competition Commission of India (CCI) has been the sole competition regulator in India.
Still in the pipeline
As of yet, only a few provisions of the amended act that deal with the prevention of collusion among competitors and the abuse of dominant position have been notified. The act also seeks to regulate M&A which would have an “appreciable adverse effect on the relevant market in India”. Sections 5 and 6, which are among those not yet notified, deal with the regulation of combinations, which are defined to include all mergers, amalgamations, reorganizations and acquisitions.
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Satvik Varma is a partner designate at Amarchand & Mangaldas & Suresh A Shroff & Co.
Amarchand Towers
216 Okhla Industrial Estate – Phase III
New Delhi – 110 020
Tel: +91 11 2692 0500
Fax: +91 11 2692 4900
Email: shardul.shroff@amarchand.com
