Competition Commission of India to start functioning soon:Gupta

New Delhi, Nov 17 (UNI) Company Affairs Minister Prem Chand Gupta today said the Competition Commission of India would be fully functional within a few months following early completion of the process of amendment to the Competition Act, 2002.

Inaugurating a workshop here, Mr Gupta said once the Commission was set up state governments would be able to make references to it on competition policy issues.

The Competition Act, 2002 covers agreements, both horizontal and vertical; abuse of dominance; mergers, acquisitions and amalgamations; as also the competition advocacy. However, it is the latter provision which is subject of the amendment proposals before Parliament to make advocacy more effective than that envisaged under the Act at present.

Highlighting the steps being taken by his Ministry to make "doing business in India" easier, Mr Gupta said the Companies Act, 1956, was being comprehensively revised and re-codified to make it "compact, simpler, more business-friendly but effective" while a new law on Limited Liability Partnership was on the anvil.

The workshop on Competition Policy and Law is the first in a series of five workshops being organised for senior Central and State government officials to create greater awareness on the Competition Law and Policy.

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