Union law, justice and company affairs minister Arun Jaitley today said the provision for amnesty to members of business cartel who break rank and confess to such offences is being considered for inclusion in the Competition Bill.
This has been taken up by the standing committee on home affairs which is examining the provisions of the Bill, Jaitley said. The minister was addressing the Federation of Indian Chambers of Commerce and Industry's (Ficci) annual general meeting. He also said delays due to long-drawn investigations could be arrested by provisions such as 'compounding' which allow the offence to be settled quickly.
"We have to correct our system to bring legislations at par with international standards to generate confidence in the industry so that disputes can be decided within the country," Jaitley said. He also said that there was a need for a hassle-free judicial and legal set-up in the country to infuse confidence in business and industry and encourage investments for faster economic growth.
Making an oblique reference to Enron, the minister said because of delays in resolving disputes, the contracting parties seek judicial remedies outside the country and therefore "we have to strengthen our judicial system to win their confidence and provide suitable atmosphere for economic activities". The minister also asked the industry to respect decisions taken by the regulatory bodies and resist the temptation to take matters to high courts.