Standing Committee on Finance to meet on Dec 8 to adopt draft report on Competition Bill | The Financial Express

Standing Committee on Finance to meet on Dec 8 to adopt draft report on Competition Bill

The Competition (Amendment) Bill, 2022 was tabled in Parliament in the Monsoon Session and was referred to the Standing Committee on Finance on August 16.

Standing Committee on Finance to meet on Dec 8 to adopt draft report on Competition Bill
The committee has held five meetings till now and in its last meeting on November 29, it concluded oral evidence by the Ministry of Corporate Affairs.

The Parliamentary Standing Committee on Finance will meet on December 8 to consider and adopt the draft report on the Competition (Amendment) Bill, 2022.

The committee will also have a briefing by officials of the Department of Legal Affairs in the Ministry of Law and Justice on the provisions of the Bill, according to the schedule announced by the Lok Sabha Secretariat.

The Committee, chaired by Jayant Sinha, is expected to table its report on the Bill in the upcoming Winter Session of Parliament that starts on December 7. The Bill is however, not listed for taking up for consideration in the upcoming session.

The Competition (Amendment) Bill, 2022 was tabled in Parliament in the Monsoon Session and was referred to the Standing Committee on Finance on August 16.

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Amongst its key provisions, it seeks to make it mandatory for high value mergers and acquisitions to be notified to the CCI if the deal value is over Rs 2,000 crore and it has significance presence in India. The provision is expected to capture high value M&A deals in the digital space.

Another amendment seeks to lower the time limit for approval of combinations to 150 days from the current 210 days. The MCA is understood to have submitted that this will ensure faster approvals and has also highlighted that most of its approvals come well before the 210 day deadline.

The committee has held five meetings till now and in its last meeting on November 29, it concluded oral evidence by the Ministry of Corporate Affairs.

The Rs 2,000 crore threshold is being seen as a crucial issue with industry of the opinion that it could lead to delay in many transactions.

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First published on: 05-12-2022 at 03:00 IST