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Vol.I No.

3 July 2009

E-Communique of the Committee on Trade Laws & WTO of
The Institute of Chartered Accountants of India


Dear Professional Colleagues,

Accountability, transparency, fairness of the transactions and good governance are the key words
for today’s business world and the profession, judiciously playing the role of a conscious watch
dog on all these fronts in India, firmly keeping abreast of all the fast paced changes in the global
business environment has carved a distinct niche at all levels and layers of economic activity in all
private, government and social domains. The profession and its practitioners are in high demand today. But the rise in
professional stature and demand has also increased manifold the expectations from it. The hi-tech revolution and
emergence of knowledge based economy and information thirsty class of clients have shot up the expectations even
further, posing some formidable challenges to the profession. These include challenges of utility, expectation, identity &
image, work ethics, accounting & auditing in the hi-tech atmosphere and, most important of them all, diversification of
services beyond traditional accounting sphere and delivery of value added services with professional panache as the
veritable mantra of success for the present day chartered accountant.

While the Institute, on its part, has played a big role for the capacity building of its membership through quality education,
strong regimen for adherence to professional ethics and CPD and is striving to provide a future fillip by having institutional
arrangements by entering into reciprocal arrangements with leading Countries so that the epithet “global village” soon
turns into reality. The ultimate objective is to have a “free” and “fair market” guided by reciprocity so that profession
develops beyond frontiers.

The Committee on Trade Laws & WTO has embarked upon to bring out this International Trade E-Newsletter and I am
happy to see the current issue carrying a number of important commentaries. I am sure that all concerned would find the
information contained in this update useful in their professional areas.

With warm regards,

CA.Uttam Prakash Agarwal

President ICAI

Messages from …. Doha Round Negotiations

• The President, ICAI Report by the Chairman of the
• Chairman, Committee on Trade Negotiations Committee
Trade Laws & WTO • News
• Announcements
Role of Tax Treaties in the Context of
Cross Border Investments By: Glimpses
• CA. R.E Balasubramanyam
Links to Related Websites
India’s Competition Policy - Past Feedback/ Invitation of Articles
and Present Approach By:
• CA. Umesh H.Dixit CONTACT US


Dear Esteemed Colleagues,

At the core of the human capital development is education. Therefore developing quality
professionals is at the core to the Institute of Chartered Accountants of India. We can maintain our
edge only if we proactively engage in upgrading the quality of our education to meet the demands of
the day. Our aim is to prepare Chartered Accountants to enable them to deal with complex issues.
It is indeed very important that we keep thrust of our growth and set our goals that would enhance
the image of the profession worldwide. To this effect, the Committee on Trade Laws and WTO has
been taking several initiatives. A “Study on Benefits of Preferential Trade Agreements” has been
brought out by the Committee as in recent times, the Preferential Trade Agreements have become a global phenomena
and more critical covering trade in services, investments, technology transfers and various other issues.
An Interaction with the Trade officials of various Embassies in India was also organised by the Committee to foster and
promote bilateral co-operation between the trade and industry and to explore areas whereby ICAI can collaborate with
similarly placed organizations/institutions in those countries to promote bilateral co-operation between the accounting
profession of India and those countries.
Also, the Committee had organised an International Tour to Thailand during May 4- 8, 2009 hosted by Bhilai branch of CIRC
of ICAI to strive for capacity building of our members in the rapidly changing world trade scenario in order to technically
equip the members of the Institute to face the challenges and derive advantages to broaden the scope of their expertise in
the new world trading regime and to contribute towards the economic development of India.
In this direction, this E- Communique’ is another initiative taken by the Committee to focus on the development of our
professional brethren to enable them gain knowledge in the areas related to International Trade and be of value to
stakeholders and the society.
Important commentaries on a number of issues on International Trade Laws & WTO have been appearing in this issue. I
sincerely hope that the readers would find the content of the E- Communique’ useful.
With warm regards,

CA. Anuj Goyal

Chairman, Committee on Trade Laws and WTO


Role of tax treaties in the context of cross

border investments
By: CA. R. E. Balasubramanyam*
The liberalization process that was started in the early new technologies and other resources in bulk
90’s and the resultant opening up of the Indian
o entry into foreign market by riding on
economy has been a great learning process for one
established brand names and business groups
and all during the last fifteen years. Countries across
the globe, Governments, professionals, economists Expanding range of products and services through
and the captains of the industries with the usual backward and forward integration
assorted soothsayers and doomsday prophets on the
Once a cross border investment decision is taken, the
subject have all been proved both right and wrong in
investment advisors/ managers are faced with the
their assumptions and forced not only to change their
problem of formulating the most effective model for the
views more than once but also to become students all
same. This would involve selecting the most
over again.
appropriate mode of investment, the method of
One of the four principal agreements signed by the
controlling the investment, the ease with which the
member countries of the WTO is the Agreement on
investment can be liquidated and last but most
Trade Related Investment Measures, popularly
importantly to ensure that the entire process involves
referred to as the TRIMS. TRIMS are basically agreed
the least tax impact. In this process, the study and
upon measures by the member countries of WTO to
application of the various tax treaties or conventions
enable international firms to access foreign markets
between countries have assumed great importance
easily by phasing out domestic rules, which discourage
and interest. This article gives a very brief overview of
or limit foreign investors in their countries. These
the manner in which the tax treaties are being applied
limitations and restrictions were primarily in the nature
in cross border investments. The study is done in four
of giving excessive protection to domestic firms and/or
parts viz,
imposing certain stiff and often unreasonable
conditions on those foreign players who ventured to
Meaning and the legal implications of tax treaties
invest in domestic markets. Admittedly, the OECD and
the developed countries of the west rooted for this Necessity for tax treaties
agreement for their own selfish ends on the The use of tax treaties as tools for minimizing tax
assumption that the opening up of the economies in impact
countries like India and China would enable them to
expand their business exponentially and thereby they Current trends.
can gain control over the resources in these countries.
Those opposing this in India were also equally Meaning and the legal implications of tax treaties
convinced that the Multi-national companies would
devour the domestic industries and there would be A tax treaty is essentially an agreement between two
misery and unemployment all over. Both sides had sovereign countries for governing the collection and
visions of cola flowing down the streets and people levy of taxes arising out of transactions between the
addicted to burgers and potato chips in the developing residents of the two countries. The treaty is not a law
countries. Fifteen years down the line, both have been although the instrument signed by the respective
proved wrong. While the foreign companies have countries is governed by international law. The power
definitely obtained access to Indian markets, there has to enter into treaties is normally derived from the
also been a significant amount of flight of capital and constitutional powers of the respective countries and
manufacturing bases out of the developed countries its coming into effect also varies from country to
and the emergence of the Indian MNCs. country.
An enterprise traditionally grew in size by investing When it comes to fiscal treaties dealing with double
more and more with a view to expanding its operations. taxation avoidance, different countries have varying
However in the present scenario mergers and procedures. In the USA a treaty becomes a part of
acquisitions is the most popular way to grow. When municipal law when it is ratified by the Senate, while in
these are resorted to with a view to capture foreign UK, such a treaty would become effective only after it is
markets, the terminology used is Cross Border endorsed by an order made by the Queen in Council. In
Investments. The main reasons for Cross Border India, there is no provision for parliamentary ratification
investments are: of the treaty but by a special procedure given in Section
90 of the Income Tax Act, the Central Government is
Quickest way of going global
o empowered to enter into an agreement with the
Government of any country outside India for the
Access to raw materials, qualified labour, IP rights,
o granting of relief in respect of taxes of both countries.
The author is a member of the Institute. He can be reached at


The Supreme Court which had an occasion to examine (i) If no tax liability is imposed under this Act, the
the role of tax treaties in its landmark decision in the question of resorting to the agreement would not
Azadi Bachao Andolan case (263 ITR 706), has arise. No provision of the agreement can possibly
explained it very well when it remarked thus: fasten a tax liability where the liability is not
The power of entering into a treaty is an inherent part of imposed by this Act;
the sovereign power of the State. By Article 73, subject (ii) If a tax liability is imposed by this Act, the
to the provisions of the Constitution, the executive agreement may be resorted to for negating or
power of the Union extends to the matters with respect reducing it;
to which Parliament has power to make laws. Our (iii) In case of difference between the provisions of the
constitution makes no provision making legislation a Act and of the agreement, the provisions of the
condition for the entry into an international treaty in time agreement prevail over the provisions of this Act
either of war or peace. The executive power of the and can be enforced by the appellate authorities
Union is vested in the President and is exercisable in and the court.
accordance with the Constitution. The executive is qua
the State competent to represent the State in all Necessity for tax treaties
matters international and may by agreement, The usual rules of the tax laws of countries across the
convention or treaty incur obligations which in globe have necessitated the concept of tax treaties.
international law are binding upon the State. One of the common rules of taxation is that a resident of
Over the years, the role of the DTAA’s has itself become country is taxed on his global income while a non
increasingly important resulting in certain well settled resident is taxed only to the extent of the income earned
rules and precedents. The major impact of tax treaties by him in that country. Accordingly if X is a resident of
are highlighted below with reference to important India , then he would be liable to pay tax in India on the
judicial pronouncements and Departmental circulars: entire income earned by him from anywhere in the
The chargeable income and the tax thereon under world. On the other hand if he were to be a resident of
section 4 and 5 of the Income tax Act, are expressly say UK , with some interest and rental income in India ,
made "subject of the provisions of the Act" which then he would be taxable in India only on the income
means that they are subject to the provisions of section that is deemed to arise and accrue in India . In the UK
90. By necessary implication, they are subject to the however, he would be liable to pay tax on not only the
terms of the Double Taxation Avoidance Agreement, if income earned in UK but also in India . Thus the
any, entered into by the Government of India. problem is summarized as below:
Therefore, the total income specified in sections 4 and > India as the Country of source for the rental and
5 chargeable to income-tax is also subject to the interest income would levy tax on those items as
provisions of the agreement to the contrary, if any. Per per its domestic laws on the logic that they have
the Andhra Pradesh High Court in CIT v. accrued to him within the territorial jurisdiction of India.
Visakhapatnam Port Trust [1983] 144 ITR 146 > UK as the country of his residence would also seek
The correct legal position is that where a specific to levy a tax on the same rental and interest income
provision is made in the Double Taxation Avoidance on the basis of his being a resident of that country.
Agreement that provision will prevail over the general Thus it can be seen that the same item of income has
provisions contained in the Income-tax Act, 1961. In been sought to be taxed by two different countries and
fact the Double Taxation Avoidance Agreements which would act as a deterrent for the efficient use of capital. A
have been entered into by the Central Government tax treaty (generally called Double Taxation Avoidance
under section 90 of the Income-tax Act, 1961, also Agreement or DTAA) is therefore drawn as an
provide that the laws in force in either country will instrument to avoid double taxation of the same income
continue to govern the assessment and taxation of in both countries and also to grant relief in one country
income in the respective country except where to a taxpayer in respect of the taxes paid in the other
provisions to the contrary have been made in the country.
Agreement. Thus, where a Double Taxation Avoidance
Agreement provided for a particular mode of The use of tax treaties as tools for minimizing tax
computation of income, the same should be followed, impact
irrespective of the provisions in the Income-tax Act. While the tax treaties are entered into by the
Where there is no specific provision in the Agreement, it contracting states within the ambit of their domestic
is the basic law, i.e., the Income-tax Act that will govern tax laws, it is also an established rule that the
the taxation of income. Per CBDT Circular No 333 provisions of the treaty shall override the domestic law
dated April 2, 1982 and later approved as the correct if they are more beneficial to the tax payer. Again
position in law by the Calcutta High court in CIT v. Davy countries enter into these treaties keeping in mind
Ashmore India Ltd. [1991] 190 ITR 626 very many considerations involving political,
The entire impact of the tax treaties on local tax economic and other considerations. In this process,
assessment was summarised very neatly by the the contracting countries may agree to exempt
Karnataka High Court in CIT v. R.M. Muthaiah [1993] income earned by the resident of one country in the
202 ITR 508 as follows: other or one country may even exempt or give up its


right to collect tax on certain items of income in favour Current Trends

of the other country for the purpose of attracting Thus using DTAAs for global investments have
investments from the entrepreneurs of that country. become the norm of the day and as can be expected
Considering that different countries have different the tax authorities too are not far behind in coming up
rates of taxes on income, it is but natural that an with their own methods to counter this. While Courts in
enterprise seeking to expand globally would try to general have ruled that taking advantage of treaty
route its investments through a country that would provisions as legitimate, (Refer the decision of the
give it a tax advantage vis-à-vis the home country’s Supreme Court in the Azadi Bachao Andolan case, a
rate or at least minimize its tax burden. While landmark case worldwide), they have also sought to
investments through certain countries which are discourage the practice of tax evasion by investing
known tax havens are generally viewed with through shell companies or conduits registered in tax
suspicion by the tax authorities, the more popular havens. Governments too have sought to give
method is to take advantage of the treaty provisions themselves extra-territorial jurisdiction and bring to tax
that exist between countries and route the cross the income that has potentially arisen within their
border investments through a country affording the jurisdiction. Recently the House of Lords ruled that a
maximum tax advantage. A typical example is payment made by Nike, a well known footwear
illustrated below: company to a one man company owned by Andre
Agassi, for endorsing its products during the
Parent Company Intermediary Holding Subsidiary Wimbledon championship was taxable in UK even
in USA Company in Mauritius in India though both the payer and payee were non residents
of UK and the payment itself was made outside UK.
In the above example, assume a company in USA Another classic example at home in India is that of the
wants to acquire controlling interest in a company in raging battle in the case of the takeover of Hutch by
India. It registers a holding company in Mauritius and Vodafone. Here, Vodafone acquired from Hutchinson
routes its funds through that company into the Indian Telecom, registered in Hongkong, a 2 dollar company
company’s shares. This is because the DTAA registered in Cayman Islands, which held all the
between India and Mauritius provides that capital shares of an investment company in Mauritius , which
gains arising from the sale of assets other than in turn held the majority stake in Hutchinson Essar of
immovable properties would be taxable only in the India. The Income tax department issued a notice to
country where the taxpayer is resident. Now Vodafone seeking to treat it as a defaulter inasmuch as
Mauritius does not have any capital gains tax on sale it had paid a sum to a non-resident in respect of an
of shares and India exempts dividends declared by interest attributable to a property in India, without
listed companies from tax. Thus the Intermediary deduction of tax at source. The writ petition against this
Company in Mauritius gets tax exempted dividends. notice has been dismissed by the Mumbai HC.
At a future date, should the parent company in USA Although the case is far from decided, the Mumbai high
decide to divest its holding in the Indian company, it court has recognized in principle, the right of the Indian
would ask its subsidiary in Mauritius to sell the shares tax authorities to demand tax on transactions entered
of the Indian company or it will sell the shares of the outside India involving property situated inside India.
Mauritius subsidiary itself to the intending buyer and Thus while the battle for going one up continues between
thus get tax free capital gains. the tax advisor and the tax gatherer, newer and smarter
The example given above is a very simple one and in measures and counter-measures keep coming up.
practice the cross border investments are done Whatever may be the outcome; the study of tax treaties
through a much more complex network of holding and has assumed a great role and offers exciting scope for
subsidiary companies across many countries. both the student and the practising professional.


India’s Competition Policy - Past and Present Approach

By: Umesh H. Dixit **
Introduction view of the responses, the policy has be amended from
time to time so that the competitive atmosphere in the
What is Competition? market is maintained. While framing the polices it has to
The term competition in common parlance refers to be taken into consideration while maximising the
situation wherein two or more persons with common consumer surplus equal justice is given to the supplier in
interest in order to achieve a particular goal adopt various order to enable him to recoup value for his money.
strategies in order to overcome the other aspirant. When
it comes to the business the term ‘Competition’ refers to If the competition policy is not framed in an effective
the economic rivalry amongst the suppliers and service manner, the suppliers will try to dominate market and
providers present in the relevant market who are exploit the consumers. The dominance can be either
engaged in similar trade or provision of services and the individually i.e. by achieving monopoly. In case of
policies implemented by the Government for building up oligopoly, the exploitation shall be in consortium i.e. by
market structure, conducive to such rivalry. The entering into collusive agreements. Thus prevailing of
Government implements these measures in a designed healthy competition in the market is of utmost
manner so that the market is regulated. A regulated importance.
market is the assurance for the customers of the
availability of goods and services at reasonable prices as What is Competition Policy?
compared to the current level of costs. Competition policy has been defined as “those
According to Prof. J.M.Clark ‘Competition’ is the kind of Government measures that directly affect the behaviour
market pressure, which must be exerted to penalise the of enterprises and the structure of industry” (Khemani
laggards and to reward the enterprising, and in this way R.S. and Mark A. Dutz, 1996). Proper implementation of
to promote economic progress. competition policy leads to promotion of efficiency, which
in turn maximizes welfare. The term welfare implies the
According to a World Bank Report (1999) ‘ Competition ’ sum total of consumer’s surplus and producer’s surplus,
has been defined as ‘ a situation in a market in which as well as taxes collected by the Government.
firms or sellers independently strive for the buyers’
patronage in order to achieve a particular business Often the words competition policy and competition law are
objective for example profit, sales or market share. alternately used, which is not correct. There is distinction
between the competition policy and competition law.
One would naturally be curious as to the role of Competition policy refers to all those measures, executive
competition or competition policies. Prevailing of healthy policies, guidelines and approach by the Government to
competition within the various suppliers or service the competition issues in the relevant market. Whereas
providers present in a market helps to lead towards to competition law is the legal enactment, which can be
maximization of consumer welfare and benefit. enforced in the court of law. Thus, competition policy is the
Presence of competition in the market does not only main frame of which competition law is the ancillary
envisage that the goods or services are available at support. Competition Policy is pronounced in the trade
affordable prices. It also simultaneously needs that the policies in terms of which trade is regulated and does not
consumer should get value for his money in the form of require legislative sanction before enforcing the same.
superior quality, utility, ample choice, prompt post sales However such policies should have the cover of the law,
service, and other relevant benefits depending upon the because in absence of such a cover there is likelihood that
peculiar nature of the goods or service. All these factors the polices may become discriminatory
taken together enhance the consumer satisfaction,
which are the basic criteria of consumer welfare. Thus in short competition policy is the main structure of
which competition law is one of the component, which
It is the responsibility of the State to ensure that healthy can legally enforce the issues arising out of the
competition prevails in the relevant market. For this competition policy.
purpose it has to frame its competition policy in order to
ensure that healthy competition prevails in the relevant The need for competition policy
market. While framing the competition policy the A regulated market creates healthy competition, which is
combined effects of various factors like demand/supply indispensable for the overall growth of the economy. If the
position; consumer choice and preference; tradition etc., economic growth is stifled by anti-competitive forces then it
have to be taken into consideration. It is further important is inevitable that the growth is bound to become unsteady,
to note that the policies once framed and implemented and imbalanced. Though it is admitted fact that purchasing
cannot remain static, but they need to have regular power of individual consumer determines the market
review of the after effects on the market forces and behaviour, however it would be worth to mention here that
consequent reaction of the suppliers and consumers. In it is not only the purchasing power that governs the market
The author is a member of the Institute. He can be reached at


but is only one of the determining factors. Anti-competitive subsidy, reduced rates of electricity, reduction in bank
forces that work against the market behaviour are rampant interest rates etc. the entrepreneurs were reluctant to
which need to be combat by the Government policies. expand their operations because of which the Indian
These anti-competitive forces when act in collusion lead to industries remained smaller in size with no capability to
disruption of supply, raise prices above competitive levels compete with the giant multinational firms.
and try to reap excessive profits. This can be done by
exploiting the market power possessed by them, which is Further the Government itself had a major role in the
termed as abuse of dominance. When these activities are business and industry in the form of State owned Public
carried out in consortium, it is termed as cartel. Sector Undertakings. These undertakings were State
owned monopolies. Core and infrastructure areas like
A regulated market pre-supposes fair competition Power, Banking, Insurance, Telecom, Rail and Civil
amongst the various manufacturers, traders, distributors Aviation, were fully owned by the State. Private players
or service providers comprised therein. In absence of fair were not allowed entry in these sectors. Number of
competition, the anti-competitive forces prevail, which lead commodities like edible oil, sugar, pharmaceutical,
to market collapse. Fair competition has been regarded aluminium, steel, cement, coal, petroleum products etc
as one of the pillars of an efficient market economy. were subject to price and quantity control. Thus there
Competition stimulates innovation and productivity, which was direct or indirect State intervention in every
leads to share optimum allocation of resources and industry and trade.
enables better satisfaction of consumer preferences.
Further under the provisions of Foreign Exchange
Consumer welfare and benefit is the ultimate goal of any Regulation Act, 1973(FERA) there was restriction on
State, to which India is also not an exception. In order to equity participation by foreign firms beyond 40 percent.
achieve this goal various measures in the form of Because of lower participation capacity the foreign
Government Policies are introduced. Thus competition companies did not have much enthusiasm in investing
policy plays a pivotal role in achieving this objective. on large scale in the Indian industries. Foreign
collaborations were under strict vigil of the various
The Indian Scenario regulations. The import technology agreements needed
As far as India is concerned the competition policy finds Government approval with power to limit the amount of
its reference way back in 400 BC in the famous book ‘ royalty that could be paid as well faced rejections if the
Arthashastra’ (Economics) written by Chanakya, the then import content in the final product was on a higher side.
Prime Minister of Ruler Chandragupta Maurya, in which Also there were stringent restrictions on appointments of
there is reference about the mentality of the traders to foreign technicians.
form cartels and make excessive profits. Also mention is
found about the provisions for fines and penalty to combat In the capital market due to nationalization of 14 major
cartelism. Thus the ancient Indian rulers were also aware commercial banks in the year 1969, about 85 % of the
of the presence of anti-competitive elements in the market assets of the banking system came under State control.
and even had the curbing regulations. There were very few term lending institutions. Those
present were state owned and hence acted in consortium
If we take a look at the present status of the India’s like a cartel. In the equity market, it was imperative to
approach to the competition issues, it is seen that during have permission from the Controller of Capital Issues,
the post independence era, the objective of who always intervened with regard to the structure and
development of Indian economy was establishing a quantum of capital to be raised and the issue price.
broad industrial base with the motive of achieving self-
reliance. However, the concept of self-reliance was With a view to protect labour and employment, closure
considered to be synonymous to import substitution and and labour retrenchment were controlled by the
hence restrictions were imposed on entry of the foreign Industrial Disputes Act, 1947. Under the Sick Industrial
firms into the local markets. The Industrial (Development Companies Act, 1986, Board of Industrial and Financial
and Regulation) Act 1951, provided for licensing Reconstruction (BIFR) was the authority set up to review
requirement. The pattern and manner of investment, the viability of sick units and to recommend for
geographical location, size, production capacity, import rehabilitation or closure. Because of such policies the
content in the final product etc., were all subject to loss making units were compulsorily required to stretch
Government approval. This left very limited scope for the their operations, as a result there was substantial loss of
entrepreneurs to explore their capability and innovation. capital, which could have otherwise been utilized for
Further, price fixation, cap on foreign capital investment, other profitable purposes.
were the other tools in the hands of Central Govt.
The triggering effect of all these policies was that the
Massive protection was extended to small-scale industrial environment was totally sluggish with no gist
industries under the infant industry argument. A to progress and prosper. Because of the excessive
substantially large number of products were reserved for protection there was no enthusiasm amongst the
exclusive production by SSI sector. As the SSI sector Indian entrepreneurs to grow or to operate on large
was entitled to various incentives in form of cash scale. The stringent laws and regulatory polices never


created competitive atmosphere in the Indian markets. WTO emerged on the horizon of the international trade
and the Indian markets were thrown open to face
On the legislative side, in order to take care of the competition from giant multi national firms.
competition issues, two legislations were enacted,
namely The Monopolies and Restrictive Trade Practices The cumulative effect of all these developments posed
Act, 1969 (in short referred to as the MRTP Act) and newer and newer challenges before the regulatory
Consumer Protection Act, 1986. The MRTP Act was authorities as well. With the efflux of time, traditional
enacted with the objective of prevention of concentration methods of carrying business had been done away with.
of economic power to common detriment, control of Foreign Direct Investment, Technology Transfer, Mergers,
monopolies, prohibition of Monopolistic Trade Practices Joint Ventures and many more new concepts came in for
(MTP’s), Restrictive Trade Practices (RTP’s) and Unfair achieving business targets. With this background it could
Trade Practices (UTP’s). The Consumer Protection Act, be easily inferred that as a cascading effect of such
dealt with Unfair Trade Practices. Thus there was partial drastically changed situation, in order to maintain and
overlapping in between both the laws with regard to the expand their market share the market players would get
UTP’s, with the consumer having choice either to take tempted to resort to short cut route of anti-competitive
redressal under the MRTP Act or the Consumer practices. The free trade would then no more remain fair
Protection Act. Some times this led to chaotic situations resulting into exploitation of the consumer.
when there was confusion as to the legal provisions
under which resort should be taken to. In the wake of the challenges put forth by the fast
changing circumstances, the Central Government
The MRTP Act had its own limitations. With the objective appointed a High Power Committee on Competition
of curbing monopolies, it restricted the growth of the firms Policy and Law, under the Chairmanship of
beyond a particular size. Any undertaking which by itself S.V.S.Raghavan to advice Government on the
or along with interconnected undertakings produced, competition policy to be adopted. The Raghavan
supplied or distributed or controlled not less than 1/4th of Committee, in its report observed that the erstwhile MRTP
the total goods produced or services rendered in India Act 1969, had become obsolete with regard to various
was defined to be a dominant undertaking and was not provisions and it could not cope up with changed
allowed to grow beyond. Thus, irrespective the product economic scenario. The MRTP Act, does not even have
or service the dominance was stuck up to a static figure mention of offences like abuse of dominance, price
of 25 %. These so called MRTP firms were prohibited fixation, cartels, bid rigging, boycotts and refusal to deal,
from expanding or entering into any other sector except predatory pricing etc. which are very common form of
those listed in Appendix 1 of the IDR Act, for which they anti-competitive practices adopted by the traders and
had to obtain MRTP clearance in addition to usual service providers. In absence of clear-cut definition of
industrial licenses. these terms, it always gave room to different interpretation
by different courts of law and thus the errant undertakings
Thus with this background the Indian industry was could fearlessly indulge into anti-competitive practices.
leading on a controlled slow path of growth.
On the recommendations of the Raghavan Committee,
Post 1991 reforms and The Competition Act, 2002 the Competition Act, 2002 (hereinafter in short referred to
In the wake of globalisation India opened up its as ‘The Act’) has been enacted with the focus on
economy, relaxed controls and resorted to liberalisation promoting competition rather than curbing monopolies. It
and privatisation. Since 1991 the Indian economy has been observed that in order to compete with the large-
witnessed revolutionary changes. The industrial policy scale multi national firms; Indian firms need to grow in size.
of 1991 abolished licensing requirement in almost all Thus there is no restriction on the size of the enterprise
industries except for only six as at present. Barring a few and gaining dominance. The restriction imposed is that
sensitive areas like nuclear minerals, arms and dominance if achieved should not be abused.
ammunition, defence equipment, in majority of the
public sector undertakings Government made dis- The objective of the competition policy is to promote
investment. Major industries like iron and steel, heavy efficiency and maximize welfare. There are two basic
electric equipment, civil aviation, insurance were made areas of implementation, one is the regulatory policy that
open to private investors. The office of the Controller of promotes and enhances competition in the local and
Capital Issues had been abolished and the cap on national market, give primacy to market forces, allow
foreign investments was substantially removed. 100 % entry and exit, reduce administrative controls and
foreign holding was permitted in export-oriented units minimize regulations.
and in other sectors the permissible level of foreign
investment was raised to 74 %. Private sector mutual The other area is enforcement of law to prohibit anti-
funds and Foreign Institutional Investors (FII’s) were competitive business practices and to regulate
permitted to trade in equities. Establishment of National combinations that may adversely affect the competition.
Stock Exchange increased competition in stock The Act has been recently amended by Competition
exchanges. As discussed earlier, in the year 1995 the Amendment Act 2007.


have to be compulsorily notified to the CCI. On scrutiny

The Act would deal with two categories of anti- the CCI may either clear the proposal as it is or may
competitive practices i.e. the Monopolistic Trade suggest suitable modifications or may even out rightly
Practices (MTP’s) and the Restrictive Trade Practices ( reject the proposed combination. While scrutinizing the
RTP’s). The Unfair Trade Practices (UTP’s) shall be proposal every care shall be taken by the CCI that on
dealt with by the Consumer Protection Act 1986, for execution, the proposed combination shall not lead to
which suitable forum is available at local, state and have any appreciable adverse effects on competition
national level. For its purpose a quasi-judicial body within the relevant markets in India.
known as Competition Commission of India (CCI) has
been established. The CCI has been cast with the duty The Act has extra territorial reach as featured in section
to eliminate practices having adverse effect on 32. Accordingly CCI shall be entitled to pass suitable
competition, promote and sustain competition, protect orders in case any act, which has taken, place outside
the interests of consumers, and ensure freedom of trade India but is having appreciable adverse effect on
carried on by other participants in markets in India. It is competition in the relevant market India.
also empowered to enter into any memorandum or
arrangement with any agency in any foreign country with Under the Competition Advocacy function, the CCI is
the prior approval of Central Government. entrusted with the job of creating awareness amongst
the various classes of the society about the competition
Thrust Areas under the Act policy and issues.

The thrust areas under the Act are Conclusion

1. Anti-Competitive Agreements In order to restrict concentration of economic power, it is
2. Abuse of Dominant Position imperative for a nation to have a structured competition
3. Regulation of Combination policy backed by an effectively enforced completion law.
4. Competition Advocacy Absence of such regulatory measures are bound to lead
towards capitalism which ultimately hit the consumer
Section 3 of the Act, prohibits Anti-competitive interest in general and the national interest in particular.
agreements. Accordingly no enterprise or association of Though the effects are not seen in a short span of time,
enterprises or no person or association of persons shall over a longer period the economic growth gets stifled
enter into any agreement in respect of production, leading to market collapse.
supply, distribution, storage, acquisition or control of
goods or provision of services, which causes or is likely Though it cannot be out rightly said that prior to 1991 the
to cause an appreciable adverse effect on competition policies implemented were crooked but may be due to
within India. fact that in the initial years India had pronounced itself to
be an agro based economy, and hence the industrial
It identifies four per se illegal anti-competitive policies may not have been as penetrative as they
agreements i.e. price fixing, market sharing, bid rigging should have been. However looking at the failure of the
and limiting or controlling production, supply, market, industrial policies as discussed above, drastic majors
technical development, investment or provision of were initiated since 1991.
services. All other agreements are subject to rule of
reason test. Any such agreement attracts rigorous fines On going through the provisions of the Act, it can be
and penalty. observed that it is more supervisory than regulatory. With
regard to this aspect it has to be taken into consideration
Section 4 of the Act deals with Abuse of Dominant that the Indian firms, which were fully insulated from any
Position by dominant enterprises. Accordingly if any competition earlier, have been abruptly put to face
enterprise abuses the market power possessed by it in challenges from within as well as outside. Naturally it will
any relevant market in India, the same is prohibited. take some time for them to cope up with the suddenly
Rigorous penalty provisions have been prescribed. changed situation and gear up for facing the challenges.
It can be seen from the competition policy itself that the
In case the offence as discussed in section 3 or section 4 policy makers are aware of this fact and have decided to
is committed by a company, then the company itself as implement the Act in a phase wise manner and to give
well as all those persons who were at the time of thrust on the advocacy function so that the awareness is
execution of such agreement were in charge of affairs of created at various levels.
such company shall be liable to be proceeded against
and punished accordingly. As far as the Accounting profession is concerned, it is no
doubt that it has been assigned vital role in
Sections 5 and 6 deal with Combination Regulation. implementation of the Act. The Act is now all set to
Accordingly in case of any merger, acquisition, or become fully operational. With this background, it will be
acquiring of control involving, the value of assets or of immense interest to see how far it does meet the
turnover exceeding the prescribed threshold limit shall emerging challenges of the Indian economy.



Report by the Chairman of the Trade Negotiations the WTO monitoring mechanism of trade and trade-
Committee related measures taken in the context of the crisis
Director-General Pascal Lamy, in his report to the which provides Members with regular updates, the
General Council on 26 May 2009 as Chair of the Trade next one due before the end of June.
Negotiations Committee, said that “it is crucial that we Second, I stressed the importance of keep opening
keep our monitoring system on the alert and that we trade by concluding the Doha Round. I explained the
advance towards the conclusion of the Doha Round.” important progress we have already made in what is
“A more solid house will resist the strong political winds effectively the most ambitious multilateral trade deal
which we unfortunately have to forecast,” he added. ever and I encouraged them to engage vigorously in
tackling the few remaining challenges.
Report by the Chairman of the Trade Negotiations Third, I also stressed the importance of keeping the Aid
Committee for Trade promises made, in particular since they will
“Let me start by welcoming today the participants to the allow many of the poorest countries to prepare their exit
Geneva Week for non-residents who have the from the crisis by investing and improving their
opportunity to attend this General Council meeting. I productive capacity.
am pleased that we again have been able to synergize Finally, I also raised the importance of ensuring
the Geneva Week and this session so as to allow availability and affordability of trade finance to keep
participants to get the overall picture of what is oiling the wheels of trade.
happening here. You will all have seen the G20 Communiqué. In
Since my last report to the General Council in February, addition to rejecting protectionism, committing to
the economic situation has continued to worsen for all provide funding for trade finance, engaging to maintain
WTO Members. Trade has become a casualty of this Aid for Trade pledges and committing to conclude the
crisis. Our forecast shows that world trade will contract Round, Leaders sent an important signal to the world
by 9 per cent this year, driven lower by the collapse in that trade and the WTO remain at the heart of a broader
global demand and by shortages of trade finance that solution to this crisis. This commitment was further
have created supply-side constraints to export growth, emphasized in a number of bilateral meetings I had
in particular in many developing countries. during the G20 meeting.
No-one can foresee how long this recession might last, This renewed focus and political attention to trade and
nor how deep its consequences will be on our social the Doha Agenda was more recently in evidence at the
fabrics, but there can be no doubt either about the spring meetings of the World Bank and the IMF where
fragility of the world economy or about the central my participation in the IMF Committee and the World
importance of trade in the recovery. Bank Development Committee as well as in meeting
This current global economic crisis has taken centre with a number of Ministers confirmed the momentum
stage at a number of international meetings I have which has been building in recent weeks.
attended recently and I wanted to share with you some As the ILO has recently stated, it is clear that the full
of my impressions and conclusions from these social impact of the current crisis, unfortunately, is still
gathering as well as from some of my recent bilateral to come and it will inevitably create more political
meetings. I would also like to provide you with my pressures on the multilateral trading system. But it is
sense of the way ahead in the Doha Round over the precisely at this time, when protectionist temptations
next couple of months. flourish, that the value of the multilateral trading system
As you know, I participated in the G20 meeting in is all the more apparent to all us.
London in early April. The focus and agenda of the If there is one consistent message I can take out of my
meeting was understandably geared towards finding meetings in these last three months is that
solutions to the immediate challenges facing the governments are looking to the WTO system of global
international financial system. But I was very trade rules for predictability, transparency, stability and
encouraged by the sensitivity of the G20 Leaders to the as a provider of confidence for economic operators. All
importance of international trade in general and the stakeholders agree that open trade remains central to
multilateral trading system in particular in terms of global economic recovery. They are looking at the
boosting aggregate demand and restoring sustained conclusion of the Doha Round as the lowest hanging
growth globally. global stimulus package available.
Turning now to the Doha Round, overall, my
In my intervention to the G20 I stressed four main impression is that while the economic crisis has
points. worsened since the beginning of the year, the political
First, I stressed the importance of keeping trade open atmosphere in the negotiations has improved. We
and fighting against protectionist pressures. I have seen an increasing level of political engagement
emphasized the need for Leaders to strongly support and clear signals of renewed commitment and support


for a rapid conclusion of the Doha Round. can also move forward. The next meeting of the
The recent visit by new USTR Ambassador Ron Kirk to Special Session will take place in conjunction with the
Geneva early this month was very welcome and timely. next Services cluster, possibly to be preceded by one
He clearly expressed his commitment to a successful of the Chairman's enchiladas.
conclusion of the Round. We also have seen elections In the CTD Special Session, Members have been
in India and we are impatiently awaiting the nomination focusing on coming up with elements of a Monitoring
of the Commerce Minister. Mechanism on S&D. iscussions on the Agreement-
Our Geneva process is continuing to push ahead specific proposals have been put on hold until
across the whole negotiating agenda. While at the Members are in a position to put forward new ideas or
moment much of the work in the Negotiating Groups new language that would de-freeze this part of the
could be described as technical, it is no less important discussion.
for that. The Chairs are making every effort to clear the The TRIPS Special Session has seen some strategic
runway for political takeoff, and I thank them for this. positioning going on, and the Chair is working to focus
In Agriculture, we have a new Chairman for the Special the group on getting ready to move forward as soon as
Session, Amb. David Walker. Building on the good the wider environment allows. At the next session on 10
work that has been done in the group up to now, he is June he will aim to orient the discussion towards issues
continuing his consultations to advance a number of rather than specific proposals.
issues that remain open, among which is the The Negotiating Group on Trade Facilitation has also
formulation of the SSM. Also to be considered over the been making useful progress on all pillars under its
coming weeks are outstanding technical issues, mandate. Work on the GATT Articles' side produced a
among others, under sensitive products, special number of additional suggestions on how to improve
products, tropical products and preference erosion, the existing texts. Good progress was equally made on
cotton and tariff simplification. Nor is it, in my view, too the S&D front where the Friend of the Chair process
early to start preparing for the scheduling and now seems firmly established and well under way. The
verification process and the drafting of legal language. Group plans to meet again next month.
The NAMA Negotiating Group has recently held an In Trade and Environment, the Chair has been
open-ended meeting. Sponsors of sectorals reported consulting delegations on various aspects of the July
the technical work at which they have been engaged work programme. An open-ended transparency
and they expressed their intention to engage in the meeting was held recently and overall there is a
coming weeks with their trading partners to move this willingness to engage in activities that would help
issue forward. This week there will be a Negotiating delegations to prepare for the next phase under this
Group session on the textual proposals on Non-Tariff work programme, including technical work on a range
Barriers. In July, the Group will hold a scheduling of issues. There is also further scope for deepening
workshop, designed to give participants the knowledge and understanding of a number of issues
opportunity to prepare themselves in respect of the under the mandate, including capacity-building and
technical issues that will come up when the scheduling development-related issues. The Chair intends to hold
phase begins for real. further consultations in the near future to discuss on the
The Rules Group has also been working on a broad different substantive elements of the work programme,
front, with meetings recently on Anti-Dumping, including the cross cutting issues.
Subsidies and Countervailing Measures and Fisheries Lastly, the DSB Special Session has recently
Subsidies and further activity planned on Regional discussed litigation costs for small participants, with
Trade Agreements. On Anti-Dumping, the Group the participation of the Advisory Centre on WTO Law.
followed a three-tiered approach in discussing the Delegations are also discussing issues such as panel
Chair's text — first, discussing issues in square composition and confidential information.
brackets, second, text not in brackets, and third, issues So, overall, worthwhile progress at the technical level,
not currently reflected in the text. The discussions which as we all know is a necessary but not a sufficient
regarding horizontal subsidies were of a general nature condition for concluding the Round. The key question
as delegations were given the opportunity to present remains “when will participants be ready to come back
their general views regarding how they view to the table at political level?” I hope that we will start to
negotiations in this area proceeding. The Group also see an answer emerging soon.
discussed fisheries subsidies and continued its As you all know, a series of major international political
discussions on the roadmap by focussing on issues meetings are scheduled to take place over the next two
such as prohibition and general exceptions. The next months. We can expect the Doha Round to be a key
round of open-ended meetings is scheduled for the consideration at all of these meetings — as it should be
week of 29 June. — and we need to work for momentum to build through
The Services Special Session last month saw this sequence of meetings. This sequence will provide
participants restate their offensive and defensive us with a series of occasions at which the political
interests. The discussion on LDC modalities is process for the Round can be re-ignited.
progressing, but detailed proposals are still awaited There will be a meeting of Cairns Group and other
and hopefully will come soon so that this negotiation country trade ministers on 8-9 June. The OECD trade


ministers meeting will be another opportunity later in Finally, on Aid for Trade, I am glad to report that
June. In July there will be the meetings of leaders preparations for the Second Global Aid for Trade
around the G-8 and G8+ as well as the gathering of Review on 6 and 7 July are advancing well.
APEC Trade Ministers. Each of these meetings should I attended the High Level Conference on the North
provide opportunities for greater political engagement South Corridor in Lusaka on 6-7 April which allowed the
at Ministerial level and help create the conditions for Chairpersons of COMESA, EAC and SADC to outline
moving us toward agreement on agriculture and the various projects and programmes that constitute
industrial goods and of course on the Round as a the North South Corridor Model Aid for Trade
whole. As always, I will keep you informed of any Programme. The Conference offered a good outline of
developments on these fronts. the bottlenecks to trade that need to be removed in a
I will also of course be continuing my regular exchange sequential manner in order to reduce trade costs.
of views and coordination with the Chairman of the I also recently attended the second regional review of
General Council and the Negotiating Chairs with a view Aid for Trade in Montego Bay, Jamaica for Latin
to advancing each area under the overall umbrella of the America and the Caribbean where a number of
Single Undertaking. projects were showcased focusing on progress made
I have been informed of the informal discussions which in implementing Aid for Trade on the ground. I will be
have been on-going amongst some of you — looking flying to Cambodia tomorrow for the Asia and Pacific
outside the current tool box of the negotiating process regional review.
with a view to placing the talks on a more direct path, for On all these occasions I have stressed the importance
commencing the scheduling of Agriculture and NAMA of ensuring that Aid for Trade promises were kept,
commitments. despite the crisis. In fact, Aid for Trade is an ingredient
I am well aware that for some of you, the modalities to help developing countries prepare better to exit the
approach is sacrosanct. It is an approach that makes crisis. By building their productive capacity, they would
clear to all what is on the table through the formula cuts unlock their growth potential and this would help them
in tariffs and the specific flexibilities that would be take advantage of new trade opportunities. I also
agreed. But others believe that while the modalities emphasized the need to keep fostering this South-
spell out the defensive elements of the agreement, South cooperation on Aid for Trade the importance of
through flexibilities, these flexibilities in themselves which is obviously on the rise.
make it difficult to ascertain what new market access Looking ahead I believe that the Second Global Aid for
opportunities may emerge. If governments could Trade Review on 6 and 7 July will provide a concrete
indicate what products would be accorded more and specific occasion to show how Aid for Trade is
flexible treatment in the scheduling stage, whether on working in practice and to review the fulfilment of the
sensitive products, on special products, on Duty-Free- commitments to additionality. I am working closely with
Quota-Free or on NAMA flexibilities, some countries the Chair of the Committee on Trade and
believe it would lend greater clarity to the process. Development, with DDG Rugwabiza and the
My own sense is that there is scope to work on these two membership to prepare this meeting.
areas along two simultaneous tracks. One would see To conclude, Mr. Chairman, while, according to some,
technical engagement in the negotiating groups move to we may be seeing the bottom of the economic crisis,
a higher gear to cover a number of technical issues as we have not yet seen its full social impact which will
mentioned previously. Simultaneously, Members would inevitably trigger negative political pressures on the
start some sort of “outcome testing”, through bilateral or trade front. I personally believe, and I want to share
plurilateral discussions, where they would provide each this very openly with you, that the “stress test” of the
other with greater clarity on the use of flexibilities and multilateral trading system is still to come. It is
through it, on the value of the deal. This is, in my view therefore crucial that we keep our monitoring system
doable, provided we see serious political engagement on the alert and that we advance towards the
on the part of Members. In other words, provided conclusion of the Round. A more solid house will resist
Ministers give the necessary instructions for substantive the strong political winds which we unfortunately have
work to happen on these two tracks. to forecast.”


WTO News
Trade Aid Trade Report

WTO, ADB urge more Aid for Trade efforts to WTO Secretariat reports increase in new anti-
counter the economic crisis dumping investigations
Ministers, trade officials and senior government The WTO Secretariat reported that during the period 1
officials from around Asia on 28 May 2009 gathered in July — 31 December 2008, the number of initiations of
Siem Reap, Cambodia, to discuss the impact of the new anti-dumping investigations showed a 17 per cent
global crisis on trade, how Aid for Trade can support increase compared with the corresponding period of
private sector growth, and how to include trade into 2007. On a yearly basis, there were 208 initiations of
national development strategies. Director-General new anti-dumping investigations in 2008, as compared
Pascal Lamy said “to make trade work for the people, to 163 in 2007 and 202 in 2006.
we need renewed efforts on Aid for Trade — this is the
time for global solidarity.” Trade Policy Review: European Communities
Sustained economic growth in the European
WTO to hold 7th Ministerial Conference on 30 Communities will hinge on it continuing to undertake
November-2 December 2009 key structural reforms, according to the WTO
The WTO General Council, on 26 May 2009, agreed to Secretariat report on the trade policies and practices of
hold the Seventh Session of the WTO Ministerial the European Communities.
Conference in Geneva, Switzerland, from 30
November to 2 December 2009. The general theme for DOMESTIC NEWS
discussion shall be “The WTO, the Multilateral Trading
System and the Current Global Economic India Committed To Successful Conclusion Of
Environment”. Doha Process: Anand Sharma
In his special address to the Cairns group, in Bali today,
Lamy urges follow-through of aid pledges to Shri Anand Sharma, Union Minister of Commerce and
weakest countries Industry has reiterated the Indian commitment to the
Director-General Pascal Lamy, in a speech at the successful conclusion of the Doha process through a
Erasmus University in Rotterdam on 18 May 2009, said constructive engagement.
“it is precisely now that we need to ensure that aid
pledges are kept; that promises are met, so that the Implementation Of India Mercosur Preferential
weakest countries have the means to weather the Trade Agreement
storm.” He said the crisis “is affecting countries India- MERCOSUR PTA has come into effect from 1st
differently, with the weakest among us bearing the full June, 2009. India with a total trade of US $ 4773.39
brunt of this fall-out”. million with MERCOSUR during 2007-08, had exports
of about US $ 2904.8 million during 2007-08 while
Trade Negotiations imports stood at about US $ 1868.39 million during the
same period.
Lamy: The world needs a shared vision on food
and agricultural trade policy Boa Grants 8 Formal And 2 In-Principle Approvals
Director-General Pascal Lamy, in a speech before the The Board of Approval of the Special Economic Zones
International Food and Agricultural Trade Policy (SEZs) met on 2nd June, 2009 to consider proposals
Council in Salzburg, Austria, on 10 May 2009, said for setting up of Special Economic Zones and also to
“food and agricultural trade policy does not operate in a approve other miscellaneous requests pertaining to
vacuum. In other words, no matter how sophisticated SEZs.
our trade policies may be, if domestic policies do not
themselves incentivize agriculture, and internalize India’s Foreign Trade – April 2009
negative social and environmental externalities, then India’s exports during April 2009 were valued at US $
we will always have a problem.” 10743 million (Rs.53779 crore), which was 33.2 per
cent lower in dollar terms (16.4 per cent in Rupee
Industrial goods negotiations to continue focus on terms) than the level of US$ 16076 million (Rs.64340
non-tariff trade barriers crore) during April 2008.
The chair of the Negotiating Group on Non-Agricultural India’s imports during April, 2009 were valued at US $
Market Access, Amb. Luzius Wasescha, said at an 15747 million (Rs.78832 crore) representing a
informal meeting on 20 May 2009 that the Group will decrease of 36.6 per cent in dollar terms (20.6 per cent
meet again next week to discuss non-tariff barriers to in Rupee terms) over the level of imports valued at US $
trade. 24823 million (Rs.99347 Crore) in April, 2008.


New Publication from the Committee on

Trade Laws and WTO
Study on Benefits of Preferential Trade Agreements

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The Committee on Trade Laws and WTO of the v

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phenomena of PTAs/RTAs, theories of PTA/RTA, Kanpur. Copies can also be obtained by post. To order
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Interaction with Trade Officials of Embassies in India organized by
Committee on Trade Laws and WTO on 15th May 2009 in the Office of the
ICAI at New Delhi.

Links to Related Websites Feedback/ Invitation for Articles

United Nations Conference on Trade and The idea of this e-newsletter to give those of you with
Development (UNCTAD) knowledge on the subjects of International trade, a
chance to share your knowledge and experience. You
World Bank can submit your articles for future issues as well as
International Monetary Fund feedback at The topics for the future
issues would be:
International Labour Organisation
European Union • Intellectual Property Rights
• International Commercial Arbitration
United States Trade Representative (USTR) • Foreign Trade Policy
Commonwealth Secretariat • Cross Boarder Mergers & Acquisitions


Committee on Trade Laws and WTO (2009-10)

Council Members…

CA. Anuj Goyal, Chairman

CA. Vijay K. Gupta, Vice-Chairman
CA. Uttam Prakash Agarwal, President (Ex-Officio)
CA. Amarjit Chopra, Vice-President (Ex-Officio)
CA. Jayant P. Gokhale
CA. Atul C. Bheda
CA. Mahesh P. Sarda
CA. S. Gopalakrishnan
CA. Subodh K. Agrawal
CA. Vinod Jain
CA. Charanjot S. Nanda
Shri Anil K. Agarwal
Shri Manoj K. Sarkar
Shri R. Sekar
Shri O.P. Vaish
Shri Krishna Kant

Co-opted Members…
CA. Sanjay Chandak
CA. Ram Ratan Modi
CA. Pradeep Kumar Tibrewala
CA. Shabbeer Pasha S.
Secretary to the Committee…
CA. Mohit Baijal, Sr. Assistant Director

Contact Us
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