competition act applicability

The Competition Act, 2002 contains various provisions for regulation of fair competition in the market and for curbing monopolies and dominant position or any act to eliminate any enterprise by other in the market. Applicability of the Act; The act applies to all goods and services including goods imported into India.

1. Who can appear before CCI?
2. What are the provisions of Competition Act 2002?
3. Which of the following is not regulated by the Competition Act 2002?
4. What are the remedies available under the Competition Act 2002?
5. What is the main purpose of competition law?
6. What is the preamble to the Competition Act?
7. Why was MRTP Act discontinued?
8. Why is the Competition Act important for businesses?
9. What is the importance of Competition Act 2002?
10. Who is the person according to Competition Act 2002?
11. What do you mean by Competition Act 2002?
12. What is a competition?

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.

What are the provisions of Competition Act 2002?

The main objectives of the Competition Act, 2002 are: to provide the framework for the establishment of the Competition Commission. to prevent monopolies and to promote competition in the market. to protect the freedom of trade for the participating individuals and entities in the market.

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

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

What are the remedies available under the Competition Act 2002?

REMEDIES AVAILABLE (under the provisions of Section 27 of the Competition Act, 2002) In order to discourage Abuse of Dominant Position, the Competition Commission direct to discontinue such agreement, pay penalty or modify the agreement.

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 ...

Why was MRTP Act discontinued?

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.

Why is the Competition Act important for businesses?

The benefits of competition are well known: lower prices and more product choice for consumers, and more efficient, dynamic and innovative firms. ... Competition promotes quality, efficiency and consistent improvement, and it disciplines firms to the challenges of the marketplace.

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 ...

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 do you mean by Competition Act 2002?

The Competition Act, 2002 was enacted by the Parliament of India and governs Indian competition law. ... It is a tool to implement and enforce competition policy and to prevent and punish anti-competitive business practices by firms and unnecessary Government interference in the market.

What is a competition?

1 : the act or process of competing : rivalry: such as. a : the effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms contractors in competition for the contract to build the new school.