Competition Commission to be constituted soon--PC Gupta

Jaipur, Sep 20 (UNI) In a bid to check unethical competitive behaviour of the corporate sector, the Government has decided to constitute Competition Commiassion of India.

Speaking at the 35th national convention of the Institute of Company Secretaries of India here today, Union Corporate Affairs Minister Prem Chand Gupta said the commission would start functioning soon.

Mr Gupta said that the commission would ensure fair and ethical competition in the corporate sector.

The draft of new company law was almost ready and the bill for this new law would be be introduced during the Winter session of Parliament later this year, the minister said.

The new law was being formulated with objective to remove adminsitrative hurdles and simplified laws for company affairs, he added.

The minister said that the concept of limited liability parnership was also in the offing. A draft bill for the purpose has already cleared by the select committee and the bill was likely to be moved in Parliament during the next session.

Corporate Affairs Secretary Anurag Goel said that institute of Corproate Affairs was also being established soon.

Sitting MP Prabha Thakur and Institute of Company Secretaries of India President Preeti Malhotra also spoke on the occasion.

Railway Minister Lalu Prasad was scheduled to inagurate the convention but he could not come Jaipur for the programme.

UNI