PremiumIn the upcoming Budget 2023, the government is likely to propose amendments to the competition law after taking into consideration various suggestions of a Parliamentary panel. Also, discussions are said to be going on regards to amendments to the Insolvency and Bankruptcy Code (IBC) and Companies Act, 2013.
A senior official told PTI that the corporate affairs ministry is examining a Parliamentary panel's suggestions for having a new digital competition law. Also, the ministry is implementing the Competition Act, IBC, and the Companies Act, and amendments to these laws are expected this year.
Last year in August, a bill to amend the competition law was introduced in Parliament which was later referred to the Parliamentary Standing Committee on Finance.
As per the official, in December last year, the panel tabled a report related to the competition law and it is most likely that the ministry will be coming up with an amendment bill after taking into consideration various recommendations. The bill to amend the competition law is expected to be announced in the Budget session of Parliament.
Also, the budget could introduce a ‘Settlement and Commitment’ framework which is expected to reduce litigations' and incentivise parties in an ongoing cartel investigation in terms of lesser penalty to disclose information regarding other cartels. This topic was among the proposals in the bill which was introduced in August 2022.
Finance Minister Nirmala Sitharaman will announce the Union Budget for the fiscal year 2023-24 on February 1st. Meanwhile, the budget session of Parliament will take place from January 31st. In the session, President Droupadi Murmu will address the joint sitting of Lok Sabha and Rajya Sabha.
(With inputs from PTI)