The Competition Act, 2002, was enacted by parliament and received presidential assent in January 2003. However, the act has since been challenged in the Madras High Court and in the Supreme Court of India and has not yet been notified.
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In 2007, the act was further amended and when the amended version is notified and comes into effect, it will repeal the Monopolies and Restrictive Trade Practices Act, 1969.
The competition act establishes a comprehensive merger review system. It provides that no person or enterprise shall enter any acquisition, merger, joint venture, takeover or amalgamation (combinations) which causes or is likely to cause an appreciable adverse effect on competition within the relevant market in India and such a combination shall be void.
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Jasman Boparai is an associate and Baljit Singh Kalha is a partner at Titus & Co, Advocates. They may be contacted at: jboparal@titus-india.com and bskalha@titus-india.com.
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