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

Sreyasi Banerjee, Associate Manager - Legal Counsel, GMR Group
Nupur Nadir, Head - Legal, GEPL, GMR Group

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 .

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India Competition Infrastructure August 2024 Vol.17, No. 68, Summer 2024

Sreyasi Banerjee

Sreyasi is a legal professional, having graduated from NLU-O, with over 5 years of experience in BFSI, infrastructure, real estate, project finance, investor relations, sports and general corporate advisory.

Nupur Nadir

Nupur holds an LL.M. in International Business Law from University College London and was admitted to the Bar in 2009. She has over 14 years of experience in the areas of mergers and acquisitions, private equity, infrastructure and project finance. She has advised clients over various sectors including power, airports, roadways, healthcare and telecommunications. She has expertise in transactional matters, from negotiation and drafting of documents to closing of transactions.

GMR Group

GMR Group is one of the fastest growing infrastructure enterprises in the country with a rich and diverse experience spanning three decades. GMR is today a major player in the Infrastructure Sector, with world class projects in India and abroad. The GMR group is headquartered in New Delhi, and has been developing projects in high growth areas such as Airports, Energy, Transportation and Urban Infrastructure.

India Competition Infrastructure August 2024 Vol.17, No. 68, Summer 2024