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Legal Central Ministry of Law and Justice Competition Act, 2002

Issuance of Competition (Amendment) Act, 2023

11-Apr-2023 | CG-DL-E-11042023-245101

The Ministry of Law and Justice has issued the Competition (Amendment) Act, 2023 to further amend the provisions under Competition Act, 2002, it shall be effective on distinctive dates that may be appointed for different provisions of this Act and any such reference shall be construed as a reference to the coming into force of that provision.

Highlights of the amendment are:
1. The word Companies Act, 1956 appearing in the Act shall be substituted with the Companies Act, 2023
2. In section 3(3)(a) of Competition Act, 2002 which states that any agreement entered into between enterprises or associations of enterprises or persons or associations of persons or between any person and enterprise or practice carried on, or decision taken by, any association of enterprises or association of persons, including cartels, engaged in identical or similar trade of goods or provision of services, which directly or indirectly determines buying or sale price) - after the proviso, the following proviso shall be inserted, namely- "Provided further that an enterprise or association of enterprises or a person or association of persons though not engaged in identical or similar trade will also be assumed to be a party to the agreement under this sub-section if it participates or plans to participate in the furthering of such agreement."
3. In section 16(1) of Competition Act of 2002, the words "Central Government may, by notice" shall be replaced with the phrase "Commission may, with the prior consent of the Central Government."

For more details, please refer to the attachment.

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