At the Workshop on Competition Law Enforcement and Stated Owned Enterprises organised by the Competition Commission of India (CCI) and United Nations Conference on Trade & Development (UNCTAD), which concluded today, Mr. Verappa Moily, the Minister for Corporate Affairs, has stated that competition laws will apply to all sectors without exception. Mr. Moily has been quoted as saying, "Nobody will be an exception, particularly on enforcement of competition law. I think one has to conform to the rules, whether it is civil aviation or any sector".
Though this is a welcome statement from the Minister, there is a slight flip-flop from the Government on this front as the Banking Laws (Amendment) Bill, introduced by Mr. Pranab Mukherjee, the Minister of Finance, is pending in the Lok Sabha. The Bill proposes a clear exemption to the banking sector from application of the merger control regime in India. Incidentally, the Bill was also up for consideration today but was not passed by the Lok Sabha on the last day of the Budget session.
The workshop was organised by CCI and UNCTAD on the occasion of three years of enforcement of competition law in India (only the market practice regulation, the market structure regulation / merger control regime came into force on June 1, 2011). The press release from the Ministry of Corporate Affairs is here and the one from UNCTAD is here.
Though this is a welcome statement from the Minister, there is a slight flip-flop from the Government on this front as the Banking Laws (Amendment) Bill, introduced by Mr. Pranab Mukherjee, the Minister of Finance, is pending in the Lok Sabha. The Bill proposes a clear exemption to the banking sector from application of the merger control regime in India. Incidentally, the Bill was also up for consideration today but was not passed by the Lok Sabha on the last day of the Budget session.
The workshop was organised by CCI and UNCTAD on the occasion of three years of enforcement of competition law in India (only the market practice regulation, the market structure regulation / merger control regime came into force on June 1, 2011). The press release from the Ministry of Corporate Affairs is here and the one from UNCTAD is here.
No comments:
Post a Comment