The Competition (Amendment) Act, 2023 and its Impact on Inter-Corporate Deliberations

Abstract

The Parliament of India enacted the Competition (Amendment) Act, 2023 (“Amendment Act”), which was initially introduced as a Bill in August 2022, during the Monsoon Session. This legislation, which has spanned nearly half a decade, represents the culmination of a carefully planned process involving the Competition Law Review Committee (“CLRC”) and the Parliamentary Standing Committee on Finance (“Standing Committee”) in collaboration with insights from relevant stakeholders. While majority provisions have been implemented as of May 18, 2023, following an official notification by the Ministry of Corporate Affairs (“MCA”) , the effective date of Section 12 of the Amendment Act, was announced by the MCA on July 18, 2023 .