New Delhi, December 14 The Cabinet is set to consider the Competition Act (Amendment) Bill and a petroleum ministry proposal on Thursday to give more autonomy to IOC and Oil India Ltd for joint projects. It is also likely to consider a scheme for intellectual property and technology management proposed by the ministry of science & technology.
The Bill, which is aimed at fostering competition in the market and preventing anti-competitive practices, seeks to separate the recommendatory and adjudicatory functions of the relevant authority. The proposed law would replace the Monopolies & Restrictive Practices Act and would equip the fledgling Competition Commission with necessary legal backing, according to official sources.
The Bill will propose an appellate authority for judicial overview of the commission’s decisions to put at rest the row over entrusting the Competition Commission chairman — who might not be a judicial person — with an adjudicatory role.
A retired high court or Supreme Court judge would head the authority. Sources said the proposed enhancement of powers of IOC and OIL boards would be along the lines of the additional authority vested with ONGC Videsh for approving overseas projects involving investments up to Rs 300 crore.
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