CCI seeks public comments on settlement, commitment schemes

livemint.com:

New Delhi: Competition Commission of India (CCI) has sought public comments on two schemes under which it will offer settlements in cases, and accept commitments from businesses to change their behaviour in order to avoid an investigation. The government had earlier this year amended the Competition Act enabling CCI to offer these schemes.

The move offers a great opportunity for businesses to give their views by 13 September on vital aspects of implementing both the schemes, including the way of determining the amount businesses have to pay to the government for a negotiated settlement in an anti-competitive practice case. As per CCI’s announcement, the suggestions could cover the entire design of the schemes.

In the case of settlement, it includes procedure of settlement, when it can be proposed by a business, how CCI will seek objections to settlement, factors to be considered while assessing settlement terms, way of deciding the settlement amount, nature and effect of the settlement order, and implementation and monitoring of the terms of settlement and their revocation. The settlement amount computed by CCI will be final and any application seeking revision of the same will not be entertained by the Commission, said the draft settlement scheme.

The parties have 15 days to accept the offer and 30 days from then to make the payment, failing which the settlement application will be rejected, said the draft scheme. CCI Chairperson Ravneet Kaur had said in an interview to Mint published on 3 July that CCI would consult the public on these schemes and the transparent norms to be set will give them confidence in opting for these ground-breaking measures to reduce litigation.