This week in Indian law: The Competition (Amendment) Act, 2023 received presidential assent, introducing landmark reforms including the deal-value threshold for merger control. The Supreme Court reiterated the strict application of Section 45 PMLA twin bail conditions. The SC also commenced hearings on petitions seeking legal recognition of same-sex marriage. 2 significant legal developments this week across regulatory-updates and criminal-law.
Top story
Competition Amendment Act 2023 Receives Presidential Assent
Category: regulatory-updates | Date: 11 April 2023 | Source: Ministry of Corporate Affairs
The Competition (Amendment) Act, 2023 received presidential assent on 11 April 2023, representing the most significant reform of India's competition law framework since the original Act's enactment in 2002. Key changes include a deal-value threshold of Rs 2,000 crore for mandatory merger notification (capturing acquisitions in the digital economy that evade turnover-based thresholds), a settlement and commitment framework allowing parties to resolve cases without contested proceedings, enhanced penalties including global turnover-based fines, and strengthened CCI investigation and enforcement powers.
Why it matters: M&A practitioners must immediately reassess deal structures and notification obligations under the new deal-value threshold. The settlement framework creates a new avenue for resolving competition cases.
Read more: Veritect analysis
Court judgments
SC Reiterates Section 45 PMLA Twin Conditions Apply to Bail
Court: Supreme Court of India | Date: 11 April 2023
The Supreme Court reiterated that the twin conditions prescribed under Section 45 of the Prevention of Money Laundering Act, 2002 — requiring the court to be satisfied prima facie that the accused is not guilty AND that they are unlikely to commit an offence while on bail — apply strictly to bail applications in money laundering cases. The judgment reinforces the Vijay Madanlal Choudhary (2022) ruling that upheld the constitutional validity of these stringent bail provisions.
Key point: Bail in PMLA cases remains significantly harder to obtain than in ordinary criminal cases, with the twin conditions creating a near-reversal of the presumption of innocence at the bail stage.
Also this week
- Same-sex marriage hearings begin — The SC's five-judge Constitution Bench commenced hearing petitions seeking legal recognition of same-sex marriages under the Special Marriage Act. Arguments expected to continue for several weeks.
- RBI rate pause — The MPC's pause at 6.5% (announced 6 April) signals a potential end to the tightening cycle.
- No major SEBI developments — Routine operations; major circulars expected in mid-to-late April.
Looking ahead
- April 15-18: SEBI expected to issue circulars on securities transmission limits and broker fund segregation.
- April 25: SC five-judge bench to hear NN Global (unstamped arbitration agreements).
- May: SC Constitution Bench to continue same-sex marriage hearings; Delhi governance judgment expected.
This is the Veritect Weekly Legal Roundup for Week 14 of 2023. For daily updates, visit our legal news page. Subscribe to receive this roundup every Monday morning.
Veritect provides this content for informational purposes and does not constitute legal advice.