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Articles
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Should dominant companies be split?
Financial Express, November 15, 2011
By Pradeep S Mehta
In my last
column (Against abuse of pharma FDI, FE, October 31) on the
hot issue of pharma takeovers, I had written that the
Competition Commission of India also has the power under
Section 28 of the Competition Act, 2002 (CA02), to ask a
company to split up, if it is found to be abusing its
dominance.
Let us look
at the history of our competition regime since the days of
the MRTP Act. It also had a provision to split companies if
they were found to be abusing their dominance, though they
never used it. Other than this section, all other merger
related sections were thrown out when the law was amended in
1991 as part of our reforms processes. The reforms also
enabled the smoother entry of foreign companies, which was
further facilitated by removing restrictions under FERA.
Consequently, there were no competition checks on mergers
and acquisitions triggered by a large number of MNCs.More... |
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