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India – Competition Developments.

12 November, 2013

 


CCI Chairman Emphasizes The Need To Adopt A National Competition Policy


As per an official release by the Ministry of Corporate Affairs on October 11, 2013, Mr. Ashok Chawla, Chairman, CCI, has stressed the need to adopt a National Competition Policy. According to Mr. Chawla, in a country like India, where States play a major role in economic development and the overall policy paradigm, it is even more important to adopt such a National Competition Policy. Such a policy is important to tackle entry barriers and it leads to economic welfare and good governance.

 

Mr. Chawla’s statement was reinforced by Mr. Maira, Member, Planning Commission of India, who added that the implementation of a National Competition Policy would be met with “political-economic challenges”, and would require the re-designing of institutions. From an international trade and investment perspective, Mr. Andrew Soper, British High Commission, New Delhi, added that such a policy would help overseas firms better understand the modalities of business in India.


Role Of Key Officials At Companies Under CCI Scanner


On October 24, 2013, CCI member, Mr. Anurag Goel while speaking at a conference said that CCI is strengthening efforts to curb anti-competitive practices. In this regard, CCI will now examine the role of companies’ directors and key officials who are suspected of indulging in anti-competitive practices.


Mr. Goel stressed that CCI not only has the power to levy penalties on companies but is also empowered to proceed against any director, manager or other officials of a company whose actions are found to be in contravention of the Act. Mr. Goel added that in the first three years of the coming into force of the Act, CCI didn’t exercise its powers to proceed against erring company officials, but will now be doing so.

 

AZB

 

For further information, please contact:

 

Zia Mody, AZB & Partners
zia.mody@azbpartners.com

 

Abhijit Joshi, AZB & Partners 
abhijit.joshi@azbpartners.com


Shuva Mandal, AZB & Partners 
shuva.mandal@azbpartners.com

 

Samir Gandhi, AZB & Partners
samir.gandhi@azbpartners.com


Percy Billimoria, AZB & Partners 
percy.billimoria@azbpartners.com

 

Aditya Bhat, AZB & Partners 
aditya.bhat@azbpartners.com

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