Government plans to amend Competition Act
New Delhi: The central government, defending the provisions of the Competition Law, has submitted before the Supreme Court that it will amend the Competition Act so that high courts do not execute the awards given by the Competition Commission of India (CCI). Legal experts say that this in effect will mean that the government will have to incorporate additional sections in the Act to provide for mechanisms to implement orders of the commission.

The Act in its current form (Section 39) prescribes execution of the awards given by the commission by high courts or principal civil courts. "Also, if the government deletes the said Section, the recovery orders given by the CCI will not be treated as a decree of a high court," say experts.
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Centre final nod to 74% FDI in private sector banks
New Delhi: Stressing its commitment to allow a minimum 74-per cent foreign direct investment (FDI) in private banks, the finance ministry has said that it will soon come out with a notification that will remove the clouds over the overall permissible foreign holding status in banks. Besides the FDI limit, the notification will also clarify the exact extent of foreign institutional investor (FII) holding that will be permitted in the banks.

"We are committed to 74 per cent FDI as announced in the Budget. For the rest, we will have to wait for the final decision. When we announce our decision on foreign holding, I expect there will be total clarity on all issues. We expect to take a decision in five weeks' time," according to banking joint secretary Shekhar Agarwal. Agarwal said there has been a certain degree of uncertainty in the market on the FII limit permitted "because no formal order has been issued on this. The general understanding on the issue is that a 49 per FII investment is permitted over and above the existing 49 per cent FDI allowed in the sector. The exact position will be clarified soon."
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