The Competition Law Review Committee on Wednesday recommended a ‘Green Channel’ for faster regulatory approvals for mergers and acquisitions that may have no major implications on competition.
This and other recommendations are part of Report of the Competition Law Review Committee submitted to the Finance Minister Nirmala Sitharaman on Wednesday. It also suggested setting up of Competition Commission of India (CCI) offices at the regional level for non-adjudicatory functions such as research and advocacy. The Committee also recommended the merging of the DG’s (Director General) office with the CCI as an investigative division .
A statement from the Ministry of Corporate Affairs said that the Committee consulted stakeholders such as industry chambers, professional institutes, Government Departments and Ministries, and NGOs in the process. Ease of doing business, encouraging start-ups, and meeting the challenges of the new economy were the focus areas.
The introduction of a Governing Board for overseeing advocacy and quasi-legislative functions was recommended to improve the CCI’s governing structure, leaving adjudicatory functions to the full-time Members.
The Committee has also recommended that a dedicated bench be introduced in the National Company Law Appellate Tribunal (NCLAT) for hearing appeals under the Competition Act.
The Competition Law Review Committee was formed in October 2018 to review the existing framework and recommend changes to strengthen it. It was chaired by Injeti Srinivas, Secretary, Ministry of Corporate Affairs.