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of <h1>Competition Act 2023 Update: Section 31 Amended, Streamlining Combination Approvals and Timelines for Commission Decisions</h1> The Competition (Amendment) Act, 2023 revises Section 31 of the principal Act by removing the word 'certain' from the marginal heading and omitting 'including the combination' from sub-section (1). A new proviso is added, allowing combinations to be deemed approved if the Commission does not form a prima facie opinion under Section 29(1B). Sub-sections (3) to (6) are replaced, detailing the Commission's authority to approve combinations with modifications, specify timelines for modifications, or declare combinations void if adverse effects on competition cannot be mitigated. If no decision is made within 150 days, combinations are deemed approved. Sub-sections (7) to (12) are omitted.
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