The Institute of Company Secretaries of India (ICSI) organised the National Conference on Competition Law Compliances by Enterprises, at Kolkata

The Institute of Company Secretaries of India (ICSI) organised the National Conference on Competition Law Compliances by Enterprises, at Kolkata

CS M.S. Sahoo, Member, Competition Commission of India (CCI) was the Chief Guest on the occasion and  while inaugurating the “National Conference on Competition Law Compliances by Enterprises he said that, “The Competition is driving today’s Global business environment, and is as old as evolution of human beings.  Competition being fundamental characteristic of a flexible and dynamic market economy, its benefit accrue to consumers, businesses and the economy as a whole. It benefits consumers by enabling them to choose from a wide array of quality products at affordable prices; businesses benefit from lower prices as consumers of raw materials or intermediate products, which augments their competitiveness; and the economy benefits as competition fosters innovation, increases productivity and leads to accelerated economic growth”. He further added, “The fundamental objective of Competition Law is to promote and sustain market competition as its rationale lies in the proposition that competition yields social benefits and therefore needs to be nurtured.  The process of competition is, however, not automatic, as vested interest groups, incumbent monopolistic firms, collusive businesses and other stakeholders may distort the process of competition or capture the benefits of market-oriented economic reforms. The evidences, in this context, suggest that effective competition regulation in an environment of competition culture acts as a catalyst for trade liberalisation, foreign direct investment and other economic policies, promoting economic growth, equity and welfare of the common man”.

Shri Sunil Kanoria, Vice Chairman, SREI Infrastructure Finance Ltd. and Sr. Vice President, ASSOCHAM delivered the special  address. In his special address he spoke about the challenges faced by Competition Commission of India (CCI)in the enactment of Competition Act. He referred to the advocacy and awareness challenges of the CCI, with various trade associations, regulators, professionals, corporate etc.  He congratulated CCI for effectively carrying out its activity through their orders with effective time line that does not delay an economic activity, waiting for beaurocratic approval.  He referred to certain areas where CCI may provide clarifications, especially with reference to merger control.  He concluded by stating that , “that Company Secretary can play important role in compliance of Competition Law as section 205 of Companies Act 2013 requires disclosures in Board report”.

CS Mamta Binani ,Vice-President, The Institute of Company Secretaries of India(ICSI) in her address said that, “A competition law enforcement regime cannot operate in isolation.  It has to be shaped and transformed by the existing socio-economic ideology and by other available policy tools.” She further added, that “Competition law Compliance is also a critical component of good governance. There are huge penalties and fines for non-compliance. Companies also lose credibility if found violating competition law. The costs of violation are extremely high. Thus, the compliance is the need of hour. Company Secretaries are the professionals, who have expertise in providing total compliance solutions and imbibing good corporate governance practices. From the Corporate Governance perspective also, Company Secretary has an important role in compliance of Competition law under section 205 of Companies Act, 2013 which requires disclosures in Board report. Being Governance professionals, Company Secretaries should devise a sturdy Competition Law Compliance Programme which not only reduces the competition law risks but also creates an appropriate business environment for

company to grow on a sustainable basis. In order to appreciate the importance of competition laws for the growth of economy and to provide an opportunity to learn from deliberations of leaders and to prepare for the opportunities and challenges of tomorrow, the Institute of Company Secretaries of India has been taking various initiatives over the years. The ICSI had organised a number of capacity building programmes on competition law for members. It had also organised various advocacy programmes jointly with CCI. The ICSI is looking forward to organise more seminars and conferences in association with the Competition Commission of India  on competition compliance, she informed.

CS Santosh Agarwala , Council Member, ICSI , welcomed  the dignitaries on the dais and expressed that, “Competition authorities, the world over, encourage companies to seek advice from professional experts in compliance of competition law to assist them in designing, implementing and maintaining an effective compliance program. The Company Secretaries being compliance experts are most suitable professionals to play a wider role in enforcement and compliance of competition law. Company secretaries are required to manage companies within the framework of many of the regulations and at the same time ensure that firms remain competitive and profitable. Therefore, compliance with competition law is crucial.”

Distinguished speakers including   Mr. G. R. Bhatia, Partner, Luthra and Luthra Law Offices ,Mr. Ved Prakash Mishra, Director, Competition Commission of India.

Mr. Shouvik Kumar Guha, Assistant Professor, The WB National University of Juridical Sciences  CS Sandeep Kejriwal, Vice-Chairman, EIRC of ICSI, ICSI Professor (Dr.) P. Ishwara Bhat, Vice-Chancellor, The WB National University of Juridical Sciences ,Mr. K. K. Sharma, Advocate, Former Director General, CCI, Commissioner of Income Tax, Mr.TarunMathur, Manager, Ernst and Young. also addressed the participants on the occasion during the following technical sessions:

1.             Laws and Economics of Competition

2.             Agreements, Abuse of dominance and Combinations

3.             Investigations, Enforcement and Adjudications

CS Sutanu Sinha, Chief Executive and Officiating Secretary, The ICSI, delivered the vote of thanks .

The National Conference was attended by corporate executives, Company Secretaries, and other distinguished professionals.