Amendments to Competition Law to have major implications for big tech companies

The government had decided to make far reaching changes to the competition law which could have massive implications for big tech companies. The most important would be the change in the definition of "turnover".

According to amendments introduced in the Lok Sabha, turnover would mean the global turnover derived from all products and services by a person or enterprise. This implies, that violations of the anti trust law could attract penalties on the global turnover of the company as opposed to domestic turnover as stated in law currently.

The changes to the Competition Amendment Bill have been introduced in parliament after the Ministry of Corporate Affairs examined recommendations of the parliamentary committee on finance. The government intends to move and pass these amendments in the budget session of parliament. The deal value threshold for M&A cases will be periodically reviewed. The proposed law also says that compensation can also be claimed in settlement cases.