Question : According to the Competition Amendment Bill, 2022, the penalty for gun-jumping is proposed to be______of the deal value.
Option 1: 0.5%
Option 2: 1.5%
Option 3: 1%
Option 4: 2%
Correct Answer: 1%
Solution : The correct answer is 1%.
The proposed amendment to the Competition Act, of 2002, was introduced in the Lok Sabha, focusing on addressing the issue of "gun jumping." Gun jumping occurs when parties involved in a merger or acquisition close the deal before obtaining regulatory approval or fail to report a significant transaction to the Competition Commission. The amendment suggests changing the penalty for gun jumping from 1% of the assets or turnover to 1% of the deal value, aiming to strengthen regulatory oversight and ensure compliance with competition laws.
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