Salient features of competition act 2002 pdf files

The competition act, 2003 provides for the setting up of a competition commission of india cci with a view to. The act prohibits agreements which are intended to or have the effect of, preventing, restricting or distorting competition in the uk. The competition act provides for the prevention of anti competitive agreements, abuse of dominant position and combinations. Issue commission for examination of witness or documents e.

Repealed by the competition amendment act, 2007, sec. Why you should be concerned about the competition act. Ca final corporate allied laws chart competition act 2002 is available for download at the excellent download file is in the format of pdf. On december 16, 2002, the lok sabha passed a bill to replace the mrtp monopolies and restrictive trade practices act, 1969 which was enacted to curb the tendency to create monopoly in commerce, trade and industry. Practical implications the idea of a green channel mechanism is certainly laudable to further the ease. However, prior to deciding if the notification is void ab initio, the cci will afford the parties an opportunity of being heard. Main features of the foreign exchange management act fema. Objectives of competition act 2002 competition act 2002 notified in jan 2003 for establishment of a commission. Therefore, india has begun to bring into force the provisions of its. Mar 24, 2017 knowing the difference between mrtp act and competition act, will help you understand the provisions relating to trade practices in a better way. It replaced the archaic the monopolies and restrictive trade practices act, 1969. Main provisions of competition act 2002 business education. The act is not intended to prohibit competition in the market.

Any person aggrieved by any decision or order of the commission may file an appeal to the. An act to provide, keeping in view of the economic development of the country, for the establishment of a commission to prevent practices having adverse effect on competition, to promote and sustain competition in markets, to protect the interests of consumers and to ensure freedom of trade carried on by other participants in markets, in india, and for matters. Introduction of ca final corporate allied laws chart competition act 2002. So 1993, government established debt recovery tribunals to deal with npa matters. Essay on the competition act, 2002 economics discussion. Knowing the difference between mrtp act and competition act, will help you understand the provisions relating to trade practices in a better way. Competition act, 2002 main features anticompetitive practices, section 3. The us act, the sherman act, 1890 which prescribes agreements in restraint of trade, appears to be.

Under this legislation, the competition commission of india was established to prevent the activities that have an adverse effect on competition in india. Nov 17, 2009 but its scope was very narrow and govt. The competition act of india act o was enacted in r r as a result of indias pursuit of globalization and liberalization of the economy. Competition commission of india is a statutory body of the government of india responsible for enforcing the competition act, 2002 throughout india and to prevent activities that have an appreciable adverse effect on competition in india. The us act, the sherman act, 1890 which prescribes agreements in restraint of trade, appears to be the earliest antitrust statute in the world. Aug 21, 2014 the competition act, 2002 came into existence in january, 2003 and the competition commission of india cci was established on 14 october, 2003. Perfect competition is a market structure in which one of the salient features is no control on the market price of the product. The competition act, 2002 objective of the competition act.

However, prior to deciding if the notification is void ab initio. Emergence and applicability of competition act, 2002 in. It replaces monopolies and restrictive trade practices act 1969. Fundamentally the competition act, 2002 is a law that addresses antitrust issues. The act also covers situations where there is no actual agreement, but where the actions of trade associations or companies acting together have the same effect. As the current topic of the paper is concerned, there is a need to look into more precise definition of the term market in relevance to the competition act of india, 2002. In april 2002 the competition act, 2002 was enacted to consolidate and modernise the existing enactments relating to competition and mergers. The competition act, 2002 was enacted by the parliament of india and governs indian competition law. This act applies to the whole of republic of india except for jammu and kashmir. There is nothing in the competition act, 2002 to indicate that the competition commission is. Succession act, 1925 including any other testamentary.

The competition act, 2002 competition commission of india. It became fully functional in may 2009 with dhanendra kumar as its first chairman. Because often, borrowers loan takers would file frivolous cases in civil courts, then taarikh pe taarikh, taarikh pe taarikh proceeding would go on for years. Dmpq what are the sailent features of the competition act, 2002.

The competition act of 2002 was passed by the parliament of india so as to form a commission to oversee the business operations of companies and individuals in the country following fair practices of competition and economic growth of the country. Prevent practices having adverse effects on competition, advertisements. Amendment act, 1984, some provisions related to unfair trade practices were inserted in. Jun 27, 2016 salient features of right to information act, 2005. Act with some major objectives to deliver and facilitate lawful electronic, digital, and online transactions, and mitigate cybercrimes. The pattern of the law in line with prevailing pattern of modern competition laws, the act seeks to 1. The draft competition law was drafted and presented to the government in november 2000. The term information includes any mode of information in any form of record, document, email, circular, press release, contract sample or electronic data etc. The object of the competition act, 2002 act for short is to preserve and promote competition and to prevent anti competitive business practices with minimal government intervention. Explanation of competition act 2002 competition act 2002 states that indian traders must not do any activity for promoting monopoly. Salient features of competition act q2 free download as word doc. On jan 2003 the president of india gave his assent. Section 42 in the competition act, 2002 2 there shall be an abuse of dominant position under subsection 1, if an enterprise, a directly or indirectly, imposes unfair or discriminatory. The competition act, 2002 was enacted by the parliament of india and governs indian.

Government of india passed the competition act in the year 2002. Students taking ca final exams or students preparing for corporate and allied laws will find the file very useful. Competition commission of indiacci is advocacy for competition act 2002. The competition act, 2002 was enacted to repeal the mrtp act. The foreign exchange management act fema was an act passed in the winter session of parliament in 1999, which replaced foreign exchange regulation act. Procedure for deciding a case where members of a bench differ in opinion. The focus of the new law is towards the following areas affecting competition namely. After some refinements, following extensive consultations and discussions with all interested parties, the parliament passed in december 2002 the new law, namely, the competition act, 2002.

Salient features of competition act q2 competition law. Curtail abuse of dominance, iii promote and sustain competition in market, iii. It was subsequently amended by the competition amendment act, 2007. The broad objectives of the competition act, as laid down in its preamble, are. Monopolies and restrictive trade practices mrtp act, 1969 was revoked and replaced by competition act, 2002. An act to provide, keeping in view of the economic development of the country, for the establishment of a commission to prevent practices having adverse effect on competition, to promote and sustain competition in markets, to protect the interests. Prior to 90s, banks had very hard time recovering bad loans.

The main legislation governing competition in india is the competition act,2002 which repealed the monopolies and restrictive trade practices mrtp act, 1969. This act seeks to make offences related to foreign exchange civil offences. Overview of competition law provisions of competition. Difference between mrtp act and competition act with.

Indias competition law 3 competition act, 2002 competition act, 2002 indias antitrust law is embodied in the competition act, 2002 amended by the competition amendment act, 2007 and became fully operational from 1 june 2011 when the provisions regulating mergers and acquisitions were notified. Competition act, 2002 is passed keeping in view of the economic development of the country with following objective. Two of the main features of the competition act, 2002 is the. It replaces the mergers, takeovers and monopolies control act, 1978, as amended, the competition act, 1991 and the competition amendment act, 1996. India has chosen to enact a new competition law called the competition act, 2002. The provisions relating to abuse of dominant position require determination of dominance in the.

On a bare reading of the provisions of the competition act, 2002, it is clear that the competition commission has the jurisdiction to determine whether the preliminary state of facts on which the further exercise of its jurisdiction depends exists. Mrtp act, was enacted to deal with monopolistic, restrictive and unfair trade practices, but due to certain limitations, competition act. The competition act, 2002 came into existence in january, 2003 and the competition commission of india cci was established on 14 october, 2003. Detailed answer for question objectives of the competition act, 2002 as amended, the act. On the place of mrtp act 1969 after this mrtp act 1969 was fully repealed. May 14, 2015 the object of the competition act, 2002 act for short is to preserve and promote competition and to prevent anti competitive business practices with minimal government intervention. Enterprises, persons or associations of enterprises or persons, including cartels, shall not enter into agreements in respect of production, supply, distribution, storage, acquisition or control of goods or provision of services, which cause or are likely to cause an appreciable adverse impact on competition in india. Pdf notes on competition act ajay r kamath academia. Dmpq what are the sailent features of the competition act. Introduction of the act was a key step in indias march towards facing competition both from within the country and from international players. Sep 02, 2015 the competition act, 2002 was enacted to repeal the mrtp act. Hie sonu, the preamble states that this is an act to establish a commission to prevent anticompetitive practices, promote and sustain competition, protect the interests of the consumers and ensure freedom of trade in markets in india. Ca final corporate allied laws chart competition act 2002.

If the members of a bench differ in opinion on any point, they shall state the point or points on which they differ, and make a. Competition act, 2002 was enacted by the parliament of india and replaced the monopolies and restrictive trade practices act, 1969. An act to provide, keeping in view of the economic development of the country, for the establishment of a commission to prevent practices having adverse effect on competition, to promote and sustain competition in. The competition act of india act was enacted in 2002 as a result of indias pursuit of globalization and liberalization of the economy. Competition act, 2002 competition commission of india. Digital signature has been replaced with electronic signature to make it a more technology neutral act.