Section 3 - Amendment of section 2 - Competition (Amendment) Act, 2023

Amendment of section 2 3 . In section 2 of the principal Act, (a) after clause (e), the following clause shall be inserted, namely: '(ea) commitment means the commitment referred to in section 48B;'; (b) in clause (h), for the portion beginning with the words a person or a department of the Government and ending with the words defence and space , the following words shall be substituted, namely: a person or a department of the Government, including units, divisions, subsidiaries, who or which is, or has been, engaged in any economic activity, relating to the production, storage, supply, distribution, acquisition or control of articles or goods, or the provision of services, of any kind, or in investment, or in the business of acquiring, holding, underwriting or dealing with shares, debentures or other securities of any other body corporate, either directly or through one or more of its units or divisions or subsidiaries, but does not include any activity of the Government relatable to the sovereign functions of the Government including all activities carried on by the departments of the Central Government dealing with atomic energy, currency, defence and space; ; (c) after clause (k), the following clause shall be inserted, namely: '(ka) party includes a consumer or an enterprise or a person or an information provider, or a consumer association or a trade association, or the Central Government or any State Government or any statutory authority, as the case may be, and shall include an enterprise or a person against whom any inquiry or proceeding is instituted; and any enterprise or person impleaded by the Commission to join the proceedings;'; (d) in clause (l), in sub-clause (vi), for the words and figures section 617 of the Companies Act, 1956 (1 of 1956) , the words, brackets and figures clause (45) of section 2 of the Companies Act, 2013 (18 of 2013) shall be substituted; (e) for clause (p), the following clause shall be substituted, namely: '(p) public financial institution means public financial institution as defined in clause (72) of section 2 of the Companies Act, 2013 (18 of 2013) and includes a State Financial Corporation, State Industrial Corporation or State Investment Corporation;'; (f) for clause (t), the following clause shall be substituted, namely: '(t) relevant product market means a market comprising of all those products or services (i) which are regarded as inter-changeable or substitutable by the consumer, by reason of characteristics of the products or services, their prices and intended use; or (ii) the production or supply of, which are regarded as interchangeable or substitutable by the supplier, by reason of the ease of switching production between such products and services and marketing them in the short term without incurring significant additional costs or risks in response to small and permanent changes in relative prices;'; (g) after clause (u), the following clause shall be inserted, namely: '(ua) settlement means the settlement referred to in section 48A;'. *********** Notes:- 1. Come into the force w.e.f. 18-05-2023 vide Notification No. S.O. 2228(E) dated 18-05-2023