Competition

salient features of competition act, 2002

salient features of competition act, 2002

Salient Features

  1. What is the importance of Competition Act 2002?
  2. Which is not the objective of Competition Act 2002?
  3. What are the functions of CCI?
  4. What are the objectives of competition?
  5. Who is the person according to Competition Act 2002?
  6. What is the main purpose of competition law?
  7. Why is the Competition Act important for businesses?
  8. What are the remedies available under the Competition Act 2002?
  9. Why was Mrtp abolished?
  10. Who can appear before CCI?
  11. What is the full form of CCI?
  12. What is competition authority?

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 ...

Which is not the objective of 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 functions of CCI?

CCI consists of a Chairperson and 6 Members appointed by the Central Government. It is the duty of the Commission to eliminate practices having adverse effect on competition, promote and sustain competition, protect the interests of consumers and ensure freedom of trade in the markets of India.

What are the objectives of competition?

Competition policies are intended to promote efficiency, to maximize consumer or social welfare, and to help in the creation of a business environment which is based on fairness, leads to efficient resource allocation and in which abuse of market power is prevented or curbed.

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 ...

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 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.

Why was Mrtp abolished?

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.

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 is the full form of CCI?

The Competition Commission of India (CCI) was established under the Competition Act, 2002 for the administration, implementation and enforcement of the Act, and was duly constituted in March 2009.

What is competition authority?

A Competition Authority is the name given to a competition regulator in certain countries. It is a government agency, typically a statutory authority, sometimes called an economic regulator, which regulates and enforces competition laws, and may sometimes also enforce consumer protection laws.

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