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of <h1>India's Competition Act Overhaul: New Tribunal, Definition Changes, Enhanced Powers & Penalties in 2007 Amendments.</h1> The Competition (Amendment) Act, 2007, amends the Competition Act, 2002, introducing significant changes to strengthen competition law in India. Key amendments include the establishment of the Competition Appellate Tribunal for appeals and compensation claims, and modifications in definitions and procedural aspects, such as the inclusion of 'Appellate Tribunal' and changes in the composition and powers of the Competition Commission. It also revises penalties for non-compliance, extends timelines for certain procedures, and enhances the Commission's regulatory capabilities. The amendments aim to ensure fair competition, prevent abuse of dominant positions, and streamline the adjudication process.
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