India’s Government Extends Tenure of Sangeeta Verma as CCI's Acting Chairperson

India’s Government Extends Tenure of Sangeeta Verma as CCI's Acting Chairperson
Photo: CCI 25.01.2023 62

Ms. Verma has been the acting Chairperson of the anti-trust regulator since October last year after Ashok Kumar Gupta demitted office as the full-time Chairperson

The government has extended the tenure of Sangeeta Verma as the acting Chairperson of the Competition Commission of India (CCI),  which has been functioning without a full-time Chairperson for three months now.

The regulator has a sanctioned strength of three members and a Chairperson. There are only two members now and also without a full-time Chairperson, the regulator is lacking a quorum, which is impacting certain decision-making processes.

The Competition Commission of India (CCI) is without a full-time Chairperson since the retirement of Ashok Kumar Gupta from the post on October 25, 2022.

According to an official communication issued by the corporate affairs ministry on Tuesday, Verma shall act as the acting Chairperson “until the date on which new Chairperson is appointed or till any further orders in this regard.”

Separately, the ministry has invited applications for the post of three members at CCI. Currently, the post of one member is vacant and two existing members are set to retire later this year.

Each member will have a tenure of 5 years or till the age of 65 years, whichever is earlier. A member will be paid a consolidated monthly salary of Rs 4 lakh ($5000) and will not be entitled to a house and car.

Mergers and acquisitions beyond a certain threshold require the approval of the Competition Commission of India (CCI) under the Competition Act, 2022. With various mergers and acquisitions awaiting CCI approval, industry participants have sought measures to address the issue of lack of quorum at the competition watchdog.

Applications for the post of member can be submitted till March 9.

Source: Financial Express

India 

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