Lok Sabha Passes Competition Amendment Bill, 2022
The Competition Amendment Bill 2022 has been passed by the Lok Sabha. The bill was passed on Wednesday after a period for over seven months since it was introduced last year in the month of August. Earlier the practice was to impose penalties on entities as per the concerned market turnover only but now the bill has provided for the Competition Commission of India (CCI) to impose penalties as per the global turnover of the entities.
The major highlight of the bill is that it defines turnover to deal with the issue of penalty. It is defined as global turnover derived from all the products and services by a person or an enterprise.CCI will also have to form an opinion about filing related to combination in 30 days of receiving the said filing as per the amendment.
On August 5,2022 the Competition Amendment Bill, 2022 was introduced in the lower house and thereafter was referred to the Parliamentary Standing Committee on Finance. The said committee was chaired by BJP member Jayant Sinha. Amendments have been made to this act for the first time since it’s enforcement.
A detailed story will be filed soon.
