competition act 2002 replaced

The Competition Act, 2002 was enacted by the Parliament of India and replaced The Monopolies and Restrictive Trade Practices Act, 1969. It is in effect to govern Indian competition law.

1. Why was the MRTP Act replaced?
2. Which of the following is not regulated by Competition Act 2002 2013?
3. What Cannot be acquired as per the Competition Act 2002?
4. What was MRTP Act?
5. What is the importance of Competition Act 2002?
6. What are the main features of Competition Act 2002?
7. Who is the person according to Competition Act 2002?
8. What is the main purpose of competition law?
9. What is the preamble to the Competition Act?
10. Who can appear before CCI?
11. Which is outside the purview of Competition Act 2002?
12. What are the Offences and penalties under Competition Act?

Why was the MRTP Act replaced?

Hemant Singh. The Monopoly and Restrictive Trade Practice Act 1969 became obsolete in the present world of throat cutting competition. The MRTP Act prevent the expansion of the companies whose assets was 100 crore, because these companies need to take government permission to expand their business.

Which of the following is not regulated by Competition Act 2002 2013?

Which of the following is not the objective of the Competition Act, 2002 ? Choose Your Answer: AProhibition of Restrictive Trade Practices.

What Cannot be acquired as per the Competition Act 2002?

An acquisition of assets, referred to in sub- clause (i) or sub-clause (ii) of clause (a) of section 5 of the Competition Act, 2002, not directly related to the business activity of the party acquiring the asset or made solely as an investment or in the ordinary course of business, not leading to control of the ...

What was MRTP Act?

The Monopolistic and Restrictive Trade Practices Act, 1969, was enacted. To ensure that the operation of the economic system does not result in the concentration of economic power in hands of few, To provide for the control of monopolies, and. To prohibit monopolistic and restrictive trade practices.

What is the importance of Competition Act 2002?

The Competition Act, 2002 was enacted to provide for the establishment of a Commission to prevent practices having adverse effect on competition, and to promote and sustain competition in the business environment and to protect the interest of consumers and also to ensure freedom of trade carried on by other ...

What are the main features of Competition Act 2002?

Two of the main features of the Competition Act, 2002 is the framework it provides for the establishment of the Competition Commission, and the tools it provides to prevent anti-competitive practices and to promote positive competition in the Indian market.

Who is the person according to Competition Act 2002?

Moving forward, we come to Section 2(l) of the Act which provides with the definition of the person. A person includes: Any artificial juridical person, local authority or any cooperative society. Any corporate body that gets incorporated under or by the laws of a country other than India.

What is the main purpose of competition law?

A core objective of competition law is to prohibit firms for engaging in conduct which will distort the competitive process and harm competition by, for example, preventing firms from indulging in anti-competitive agreements, preventing firms with a powerful position on a market from abusing their market power, or ...

What is the preamble to the Competition Act?

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 ...

Who can appear before CCI?

Q. 25 WHO CAN REPRESENT THE PARTIES BEFORE THE COMMISSION? A person or an enterprise may either appear in person or through any of its officers or authorize one or more chartered accountants or company secretaries or cost accountants or legal practitioners to represent his or its case before the Commission.

Which is outside the purview of Competition Act 2002?

However, sovereign functions of the government, for example atomic energy, currency, defence, etc., are excluded from the purview of the Competition Act. ... This means that CCI and/or the complainant (as the case may be) will have the onus to prove that such an agreement will have an AAE on competition.

What are the Offences and penalties under Competition Act?

(2) If any person, without reasonable cause, fails to comply with the orders or directions of the Commission issued under Sections 27, 28, 31, 32, 33, 42-A and 43-A of the Act, he shall be punishable with fine which may extend to rupees one lakh for each day during which such non-compliance occurs, subject to a maximum ...