New Delhi: The corporate affairs ministry on Friday invited applications for two members of the Competition Commission of India (CCI). The appointment would bolster the regulator’s decision-making ability, on top of maintaining the quorum needed to clear key antitrust matters, experts said.
The move came after one of the CCI members–Anil Kumar Agrawal –resigned in July. The regulator currently has two members, Deepak Anurag and Sweta Kakkad, apart from chairperson Ravneet Kaur. It needs a quorum of three to handle key matters. The CCI can have up to six members, apart from the chairperson.
As per the competition law, all questions that come up before any meeting of the CCI will be decided by a majority of the members presiding and voting, provided the quorum for such a meeting is three members, experts said.
The regulator can clear combination proposals, such as those for mergers and acquisitions, even with a two-member quorum by invoking the doctrine of necessity and citing earlier legal backing, experts said. But key antitrust matters usually require the quorum of three, they added.
The CCI is currently hearing antitrust matters relating to iPhone maker Apple, among others.
Inviting applications, the ministry said the members will hold office for a term of five years or till the age of 65 years, whichever is earlier.
The ministry has sought applications from candidates “of ability, integrity and standing”. They must have professional experiences of not less than 15 years in international trade, economics, business, commerce, law, finance, accountancy, management, industry, technology, public affairs or competition matters, including competition law and policy.
The selected candidates will be paid a consolidated monthly salary of Rs 5 lakh and they won’t be entitled to house and car.
