DECONSTRUCTING “CONTROL” UNDER COMPETITION ACT, 2002: NEED FOR RE-LOOK?

Abstract

Control, as a concept, has drawn a lot of discussion in the last few years, not particularly limited to the domain of Securities Law but also spreading across other areas of law like Competition Law. This paper thus sets out to discuss the significance of control to the competition regime and outline the problems associated with its uncertain understanding, followed by reinforcement of the need for change. An attempt has been made towards clearing the mist as regards the aspects which are misunderstood to have problems i.e., inconsistent interpretation of CCI vis-à- vis SEBI, and instead focus the attention towards the real issue of uncertainty strictly within the domain of competition law. After thorough identification of problems in the initial segments, an elaborate discussion is undertaken on the various difficulties that the current regime poses, and repercussions that follow by design. Having discussed the domestic landscape comprehensively, the author then analyzes this concept as practiced across major mature competition law jurisdictions and cues, if any, which can be taken for further development in the domestic regime. Finally as decisions by CCI has turned out to be an insufficient interpretative tool, author has proposed issuance of a guidance note, drawing from a mix of avenues, in order to bring certainty in the regime.