With an eye on strengthening the Competition Commission of India (CCI), corporate affairs minister Sachin Pilot on Monday introduced a Bill to amend the Competition Act, 2002. This Bill aims at extending CCI?s jurisdiction to cover all M&a deals without the exception of any sector. However, all forced mergers involving, for example, ailing banks and insurance companies would come under the ambit of the RBI and the Insurance Regulatory and Development Authority.
Once passed, the time period for the CCI to decide on the combinations would come down to 180 days from 210 days. The amended Act would grant powers to the CCI chief to allow the DG, its investigating arm, to carry out search and seizure activities. At present, CCI?s director general, upon authorisation by Delhi?s chief metropolitan magistrate, can carry out search and seizure in any investigation.
Besides, a new Section 5A would be introduced into the Act. It says: ?Notwithstanding anything in Section 5, the central government may, in consultation with the commission, by notification, specify different values of assets and turnover for any class or classes of enterprise for the purpose of Section 5.? Section 5 relates to combinations of entities.
