Business Line reported that the Competition Commission of India may soon get more teeth, if the Government has its way.
In a move to grant direct powers to the fair trade regulator, the Government is considering vesting its chairperson with powers to authorize search and seizures related to investigations.
Mr Sachin Pilot minister of State for Corporate Affairs said that “The Government proposes to grant the power to authorize such search and seizure to the Chairperson, CCI, by proposing suitable amendments in the Competition Act, 2002.”
Currently, the director general of CCI, upon authorization by the Chief Metropolitan Magistrate, Delhi, has the powers to carry out search and seizure in any investigation. This is under Section 41(3) of the Competition Act, 2002.
The Government is also planning to reduce the number of days required by the Competition Commission to decide on applications seeking approval for merger and acquisition of companies. The number of days for the CCI to decide on M&A deals is proposed to be reduced to 180 days.
Mr Pilot said that “The Government proposes to reduce the period within which the CCI has to pass an order or issue directions in such matters from 210 days to 180 days by a suitable amendment in the Competition Act, 2002.”
Meanwhile, the anti monopoly watchdog has launched a Knowledge Partnership Initiative with various law schools to spread the reach of competition law.
