Exempts Vessels Sharing Agreements of Liner Shipping Industry for a period of one year. - F. No. 5/20/2011-CL-V - S.O. 354(E) - Indian Law

MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 5th February, 2015 S.O. 354(E).- In exercise of the powers conferred by clause (a) of Section 54 of the Competition Act, 2002 (12 of 2003) , the Central Government, in public interest, hereby exempts the Vessels Sharing Agreements of Liner Shipping Industry from the provisions of Section 3 of the said Act , for a period of one year from the date of publication of this notification in the Official Gazette, in respect of carriers of all nationalities operating ships of any nationality from any Indian port provided such agreements do not include concerted practices involving fixing of prices, limitation of capacity or sales and the allocation of markets or customers. During the said period of one year, the Director General, Shipping, Ministry of Shipping, Government of India shall monitor such agreements and for which, the persons responsible for operations of such ships in India shall file copies of existing Vessels Sharing Agreements or Vessels Sharing Agreements to be entered into with applicability during the said period alongwith other relevant documents within thirty days of the publication of this notification in the Official Gazette or within ten days of signing of such agreements, whichever is later, with the Director General, Shipping. [F. No. 5/20/2011-CL-V ] MANOJ KUMAR, Jt.Secy.