Section 44 - Amendment of section 64 - Competition (Amendment) Act, 2023

Amendment of section 64. 44 . In section 64 of the principal Act, in sub-section (2), (i) for clause (c), the following clauses shall be substituted, namely: (c) the manner of determination of substantial business operations in India under clause (d) of section 5; (ca) the form and fee for notice for combination under sub-section (4) of section 6; (cb) the time and manner for filing notice of acquisition under clause (a) of section 6A; (cc) the manner and circumstance in which the acquirer may exercise the ownership or beneficial right or interest in shares or convertible securities including voting right and receipt of dividends or any other distributions as an exception under clause (b) of section 6A; ; (ii) after clause (f), the following clauses shall be inserted, namely: (fa) other details to be indicated in the show-cause notice under sub-section (9) of section 26; (fb) the manner of determining turnover or income under the 1 [ Explanation 1 ] to clause (b) of section 27; (fc) the manner in which modification may be proposed by parties to the combination to the Commission under sub-section (2) of section 29A; ; (iii) after clause (g), the following clauses shall be inserted, namely: (ga) the lesser penalty to be imposed on producer, seller, distributor, trader or service provider under sub-section (1) of section 46; (gb) the manner and time for withdrawal of application for lesser penalty under sub-section (2) of section 46; (gc) the lesser penalty to be imposed on producer, seller, distributor, trader or service provider under sub-section (4) of section 46; (gd) the manner of determining income under clause (c) of Explanation to section 48; (ge) the form of application and fee under sub-section (1), the time under sub-section (2), the terms and manner of implementations and monitoring under sub-section (3) and the procedure for conducting settlement proceedings under sub-section (6) of section 48A; (gf) the form of application and fee under sub-section (1), the time under sub-section (2), the terms and manner of implementations and monitoring under sub-section (3) and the procedure for commitments offered under sub-section (6) of section 48B; (gg) the other details to be published along with draft regulations and the period for inviting public comments under clause (a) of section 64A; . **************** NOTES:- 1. Corrected vide CORRIGENDUM dated 26-04-2023 before it was read as, Explanation 2. Come into the force w.e.f. 18-05-2023 vide Notification No. S.O. 2228(E) dated 18-05-2023