Competition Act 2002
This write up carries elaborated information regarding the competition act 2002, its procedure, important aspect regarding the competition act,2002 and a comprehensive study regarding this act
The competition act,2002 turned into or enacted through parliament of India to replace the MRTP act,1969 this act is also known as Antitrust law. The main aim for the enactment of this act is to replace the Monopolistic and restrictive exchange practice (MRTP).[1]
The ambitions and targets of this act were (MRTP):
- To make sure that the operation of the economic area does not result in the concentration of the economic strength in the palms of a few rich. To provide for the command of monopolies, and.
- To restrict monopolistic system in the market and to restrict the exchange practices
made by the MRTP. - To make certain checks so that the operation of the economic machinery does not result in the concentration of economic machinery in the fingers of few people.
- To provide for the control of monopolistic market form, and
- To prohibit the monopolistic practices in the market and to restrict the alternate practices that have been used in the market.[2]
Competition Act 2002
The Competition act 2002 is the act of the sellers individually searching for to acquire the patronage of buyers as a way to achieve profits or market share. The Competition Act, 2002 has been enacted by the Parliament of India and changed The Monopolies and Restrictive Trade Practices Act, 1969. It is in effect to govern Indian opposition regulation. After the formation of this act, it has been amended in 2007 and 2009.
Two of the main features of the Competition Act, 2002 is the framework it offers for the status quo of the Competition Commission, and the equipment it presents to save you anti-competitive practices and to sell positive opposition inside the Indian market.[3]
Completion act 2002, It changed the archaic The Monopolies and Restrictive Trade Practices Act, 1969 by the ratification of certain rules and norms, the Competition Commission of India has been established to prevent the activities that have made an adverse effect on the competition in India. This act applies to the whole of India.
It is a device to put in force and enforce competition coverage and to save you and punish anti-competitive business practices by way of corporations and pointless Government interference inside the market. Competition laws are equally relevant to write, arrangements among businesses or persons.
Main goals of competition act 2002
Competition is the of the sellers individually searching for to gather the patronage of buyers so that it will achieve income or marketplace share. The Competition Act, 2002 became enacted with the aid of the Parliament of India and changed The Monopolistic system and The Restrictive Trade Practices Act, 1969. It is in effect to control Indian opposition law. The competition act 2002 was also been amended twice.
Two of the main characteristics of the Competition Act, 2002
Is the framework it provides for the establishment of the Competition Commission, and the tools present to prevent anti-competitive practices and to promote positive opposition in the Indian marketplace.
Salient Features of Competition Act, 2002
The awareness of the new law is closer to the following areas affecting opposition namely:
- Prohibition of positive agreements, which can be considered to be anticompetitive.
- Prohibition of Abuse of the superior position- If an organization by way of enforcing unfair means or any discriminatory conditions or limiting up and abandoning the manufacturer of goods and services or indulging in other practices resulting in the denial of the market get admission to or through in another mode is prohibited.
- Regulation of combos which motive or are probable to cause a considerable adverse have an effect on opposition within the relevant market in India is also taken into consideration to be void.
- Entrust -Competition Commission of India the duty of undertaking opposition advocacy, attention, and schooling about opposition issues.[4]
So basically this act will lead to the upliftment of the trade society as well as of economic systems the basic purpose for the establishment of this act is to promote completion, to protect the consumers from the monopolistic forms of market and ensure freedom of trade in the whole society.
[1] Ministery of Corporate Affairs, available at: http://www.mca.gov.in/MinistryV2/competitionact.html (last visited on June 14, 2020).
[2] Jagran Josh, available at: https://www.jagranjosh.com/general-knowledge/competition-act-2002-1553606677-1 (last visited on June 14, 2020).
[3] Ministery of Corporate Affairs, available at: http://www.mca.gov.in/MinistryV2/competitionact.html (last visited on June 14, 2020).
[4] Jagran Josh, available at: https://www.jagranjosh.com/general-knowledge/competition-act-2002-1553606677-1 (last visited on June 14, 2020).
This Article is Authored by Athak Walia, 2nd Year, BALLB Student at JEMTEC School of Law.
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