Competition act 2002

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Information about Competition act 2002
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Published on February 17, 2014

Author: chandupulapa

Source: authorstream.com

Competition act 2002: Competition act 2002 Presented by Chandra sekher Introduction: Introduction Before this act Monopolies & restrictive trade practice Act (MRTP ACT) 1969 MRTP ACT Came into force in 1970 1 ST JUNE Ragavan committee: Ragavan committee The Govt appoints ragavan committee in 1999 To examine MRTP ACT To shift the focus from limiting monopoly to promote competition To suggest a modern competition law Committee Recommends : Committee Recommends The competition ACT 2002 Enacted by: Enacted by Article 38 & 39 of Indian constitution Part of directive principles of state policy Came into force from 13 th January 2003 By notification in official gazette Applicability : Applicability This act applies to whole of India Except Jammu & Kashmir Definition : Definition There is no definition to ``competition `` given in this ACT General definition of competition applicable Meaning of competition : Meaning of competition A situation where sellers independently strives for buyers to achieve a particular business objective for example, profits, sales Amended : Amended 2 times 2007 2009 Objectives of the ACT : Objectives of the ACT To prevent practices having adverse effect on competition To promote competition in Indian markets To protect the interest of consumer To ensure freedom of trade Role of competition Act : Role of competition Act Main role in maintaining free and fair Competition prohibit and penalize anti competitive practice by enterprises Regulate anti competitive mergers Competition commission of India (CCI): Competition commission of India (CCI) Consists of : A chairman 2-10 members with a tenure of five years Duties of this CCI is same as objectives the ACT Powers of CCI: Powers of CCI To make enquiry & pass appropriate order about unfair trade practices Enquire monopolist trade practices and submit report to CG Power of entry, search, seizure Granting temporary injections Monitoring enforcement Main features/components/compartments of competition ACT 2002 : Main features/components/compartments of competition ACT 2002 1 prohibits anti competitive agreements 2 abuse of dominant position 3 provides regulations on combinations 4 competition advocacy Anti competitive agreements : Anti competitive agreements adverse impact on competition Abuse of dominance : Abuse of dominance Imposing unfair conditions on price Limiting production Creating barriers to entry Regulation of combination : Regulation of combination Restrictions on amalgamations ,acquisition ,mergers That exceeds threshold limits Threshold limit :combined assets 1000cr turnover > 3000cr Competition advocacy: Competition advocacy Advocacy means supportive Who can make complaint : Who can make complaint Any person Person means : Individual, Huf Aop Boi Companies Who can represent parties before the commission: Who can represent parties before the commission Ca C s Cwa Legal practitioner How much penalty can be imposed : How much penalty can be imposed 10% of turnover of enterprise Or 10% of assets of enterprise

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