The government has extended the tenure of Sangeeta Verma as the acting Chairperson of the Competition Commission of India, which has been functioning without a full-time Chairperson for three months now.
There are only two members now and also without a full-time Chairperson, the regulator is lacking a quorum, which is impacting certain decision-making processes.
The Competition Commission of India (CCI) is without a full-time Chairperson since the retirement of Ashok Kumar Gupta from the post on October 25, 2022.
Verma, who is a member, has been the acting Chairperson since October last year.
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According to an official communication issued by the corporate affairs ministry on Tuesday, Verma shall act as the acting Chairperson “until the date on which new Chairperson is appointed or till any further orders in this regard”.
Separately, the ministry has invited applications for the post of three members at CCI. Currently, the post of one member is vacant and two existing members are set to retire later this year.
The regulator has a sanctioned strength of three members and a Chairperson.
Each member will have a tenure of 5 years or till the age of 65 years, whichever is earlier. A member will be paid a consolidated monthly salary of Rs 4 lakh and will not be entitled to a house and car.
Applications for the post of member can be submitted till March 9, as per a notice issued by the ministry.
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With various mergers and acquisitions awaiting CCI approval, industry participants have sought measures to address the issue of lack of quorum at the competition watchdog.
Mergers and acquisitions beyond a certain threshold require the approval of the Competition Commission of India (CCI) under the Competition Act, 2022. Sections 5 and 6 of the Act relate to the regulation of combinations in the country.
For the approval of combinations, the regulator needs to have a quorum of three members. With only two members, there is a lack of quorum.