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November 2011

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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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