The Lok Sabha on Wednesday passed the Competition Amendment Bill with changes to the existing Act, such as raising penalty provisions, and lowering time limit for approving mergers and acquisitions (M&As).
The Bill has also introduced a threshold deal value that will enable the Competition Commission of India (CCI) to review transactions depending on their deal value.
It has been proposed that the total turnover from all products and services globally will be considered while calculating penalty, instead of only the relevant turnover from Indian operations.
The Bill is likely to be tabled in the Rajya Sabha next week, according to government sources.
"From a business' point of view, the consideration of total turnover may lead to 'unfair and punitive' outcomes and would also lead to discrimination between enterprises that commit a similar contravention but are penalised differently depending on the expanse of their business," said Avaantika Kakkar, partner & head - competition, Cyril Amarchand Mangaldas.
This story is from the March 30, 2023 edition of Business Standard.
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This story is from the March 30, 2023 edition of Business Standard.
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