The Union Cabinet has approved a proposal of the Ministry of Corporate Affairs to amend the Competition Act 2002.
Some of major amendments are:
- revising the definition of ‘turnover’ and ‘group’;
- reducing the overall time limit for finalising combinations from 210 days to 180 days; and
- inserting a new Section 5A that will enable the central government to lay down, in consultation with the commission, different thresholds for any class or classes of enterprise for the purpose of examining acquisitions, mergers and amalgamations.
Details of the amendments proposed are not yet in the public domain.
