Government sets up Competition Law Review Committee
New Delhi, Sep 30 : The government has formed a Competition Law Review Committee to ensure that the legislation is in tune with the changing business environment, according to an official announcement on Sunday.
A Finance Ministry release said that the committee will review the competition regulations in view of changing business environment and suggest the necessary changes.
Among the panel's mandate is also to look into international best practices in the competition field with a thrust on anti-trust laws, merger guidelines and handling cross-border competition issues.
"In pursuance of its objective of ensuring that legislation is in sync with the needs of strong economic fundamentals, the government has constituted a Competition Law Review Committee to review the Competition Act," it said.
"In this context, it is essential that the Competition Law is strengthened, and re-calibrated to promote best practices which result in the citizens of this country achieving their aspirations and value for money."
The committee will also study other regulatory regimes, institutional mechanisms and government policies which overlap with the Competition Act.
The committee consists of the Corporate Affairs Secretary, Competition Commision of India Chairperson, the Insolvency and Bankruptcy Board of India Chairperson, Haigreve Khaitan from Khaitan & Co, Shardul Amarchand Mangaldas and Co Advocate Pallavi Shardul Shroff, former IAS officer S. Chakravarthy, Delhi School of Economics Professor Aditya Bhattacharjea and Corporate Affairs Joint Secretary (Competition), the statement said.
The committee will submit its report within three months of the date of its first meeting, it added.
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RCB beat MI by 18 runs after batters fire
Mumbai (PTI): Royal Challengers Bengaluru skipper Rajat Patidar, Phil Salt and Virat Kohli blasted half-centuries as the defending champions beat Mumbai Indians by 18 runs in an Indian Premier League match here on Sunday.
Salt (78 off 36 balls) and Kohli (50 off 38 balls) stitched together a 120-run stand for the opening wicket before Patidar scored a rapid 53 off just 20 balls as RCB posted 240 for 4.
In response, Mumbai Indians were restricted to 222 for 5, with RCB spinner Suyash Sharma (2/47) putting the skids on the home side with a double strike in the eighth over, from which they could not recover.
Sherfane Rutherford top-scored for MI with an unbeaten 71 off 31 balls.
While opener Rohit Sharma appeared to be struggling with a hamstring issue and had to retire hurt on 19, his partner Ryan Rickelton made 37, while Suryakumar Yadav (33) and Hardik Pandya (40) were the other contributors for MI.
Brief scores:
Royal Challengers Bengaluru 240 for 4 in 20 overs (Phil Salt 78, Virat Kohli 50, Rajat Patidar 53, Tim David 35 not out).
Mumbai Indians: 222 for 5 in 20 overs (Sherfane Rutherford 71 not out, Ryan Rickelton 37, Hardik Pandya 40; Suyash Sharma 2/47).
