In January this year, the Competition Commission of India released drafts for comment of certain regulations to implement the provisions of the Competition Act, 2002.
The commission’s intention to move forward on implementation of the act and rumours that the act might enter into effect in autumn, forced Indian industry and practitioners to focus on the draft regulations. In February, several industry federations met to respond to the request for comments on the draft regulations.
Based on remarks of industry leaders, it appears industry is alarmed about the prospect of sections 5 and 6 of the act being applicable to a wide range of transactions that do not raise any competitive concerns, and the potential for these provisions to delay transactions.
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Anand S Pathak is partner-in-charge of P&A Law Offices in New Delhi. He can be contacted at email@example.com.
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