New Delhi: The government on Thursday said it plans to grant direct powers to the Competition Commission chairperson to authorise search and seizure related to investigations.
Fair trade regulator Competition Commission of India (CCI) keeps a tab on anti-competitive practices in the market.
"... The government proposes to grant the power to authorise such search and seizure to the Chairperson, CCI by proposing suitable amendments in the Competition Act, 2002," Minister of State for Corporate Affairs (Independent Charge) Sachin Pilot said in a written reply to the Lok Sabha.
At present, CCI's Director General, upon authorisation by the Chief Metropolitan Magistrate, Delhi, has the powers to carry out search and seizure in any investigation. This is under Section 41(3) of the Competition Act, 2002.
Meanwhile, there are plans to reduce the number of days required by Competition Commission to decide on applications seeking approval for merger and acquisition of companies.
The number of days for the Competition Commission of India (CCI) to decide on M&A deals is proposed to be reduced to 180 days.
"The government proposes to reduce the period within which the CCI has to pass an order or issue directions in such matters from two hundred and ten days to one hundred and eighty days by a suitable amendment in the Competition Act, 2002," Pilot said.
In October this year, the Cabinet had approved various amendments to the Competition Act.
First Published: Thursday, November 22, 2012, 15:41