MCA Update on Banking Company dt. 11.03.2020

MCA Update on Banking Company

MINISTRY OF CORPORATE AFFAIRS (MCA) vide notification  dated 11^th March, 2020 has published notification that  Central Government hereby exempts a Banking Company from the application of the provisions of Sections 5 and 6 of the Competition Act, 2002, in public interest for a period of five years.

File No. Comp-05/6/2020-Comp-MCA

Notification Text:

In exercise of the powers conferred by clause (a) of section 54 of the Competition Act, 2002 (12 of 2003), the Central Government hereby exempts a Banking Company in respect of which the Central Government has issued a notification under Section 45 of the Banking Regulation Act, 1949 (10 of 49), from the application of the provisions of Sections 5 and 6 of the Competition Act, 2002, in public interest for a period of five years from the date of publication of this notification in the Official Gazette.

Link: http://www.mca.gov.in/Ministry/pdf/BankingNotification_11032020.pdf