 "CCI")
The Competition Commission of India (CCI), which replaced MRTP to usher in competitive and fair business practices in the country, has an assertive agenda against cartels, its chairperson Sangeeta Verma said on Friday.
She said that cartels are bad and a cartelised market does not allow honest business.
"The CCI has an assertive agenda against cartels. Cartels are bad for business and do not allow conduct of honest trade", Verma said at an event organised by MCCI here.
Verma said the competition law will continue to create necessary safeguards and its enforcement may be supplemented by a suitable legislative framework.
According to her, the CCI so far has received 1200 cases regarding abuse of dominance across sectors like airlines, infrastructure, automobiles, real estate and digital space.
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The commission had already imposed a penalty on Google for allegedly abusing its dominant position in the Android ecosystem.
Verma said that the CCI is closely watching the digital space, adding that there is also a need to embrace new technologies to ensure an equal opportunity paradigm.
"The mandate before the CCI is to ensure that competition is fair and based on merit. The Competition (Amendment) Act, 2023, will make way for quicker resolution for the industry", she said.
Verma said as per the limitation period, the CCI has the discretion to admit any case of alleged unfair competition which are more than three years old provided that there is enough justification for the same.
The amended act has also brought down the time for approval of mergers and acquisitions (M&A) from 210 days to 150 days, after which deemed approval will be accorded.
The amended legislation also allows the commission to bring about guidelines for calibrating penalties, she added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
