What was replaced by Competition Act 2002?
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.
What was replaced by the Competition Act?
The Competition Act, 2002 was enacted by the Parliament of India and governs Indian competition law. It replaced the archaic The Monopolies and Restrictive Trade Practices Act, 1969.
Why was the MRTP Act 1969 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.
What are the difference between the Competition Act, 2002 and MRTP Act 1969?
MRTP Act was enacted to deal with monopolistic, restrictive and unfair trade practices, but due to certain limitations, Competition Act was introduced, which changed the focus from curbing monopolies to promoting competition….Difference between MRTP Act 1969 and Competition Act 2002.
| S.No | MRTP Act, 1969 | Competition Act, 2002 |
|---|---|---|
| 7 | No penalty for offense | Offenses are penalized |
What are the changes brought in Competition Act and how it differs from MRTP Act?
The objective of MRTP Act is to control monopoly in market. Whereas, the competition Act promotes healthy competition in market. Monopolies and Restrictive Trade Practices (MRTP) ,registration of agreement is compulsory. In contrast, the Competition Act is silent on the registration of agreement.
When was the MRTP Act was Cancelled?
2002
The Ministry of Corporate Affairs, Government of India has issued a Notification dated 28th August 2009, whereby the most controversial the Monopolies and Restrictive Trade Practices Act, 1969 (“the MRTP Act”) stands repealed and is replaced by the Competition Act, 2002, with effect from September 1, 2009.
What are the salient features of Competition Act 2002?
Prohibition of anti competitive agreements. Prohibition of abuse of dominance. Regulation of combination (acquisition, mergers, and amalgamation of certain size) Establishment of the competition commission of India.
What are the limitations of MRTP Act?
Following are the drawbacks of the MRTP Act that needed to be eliminated to promote a free and fair market: i. Extreme Government Control – The MRTP Act, subjected all businesses, be it small or large to excessive government control.
Which section of the Competition Act, 2002 provides for combinations?
Section 6
Section 6 of the Act provides for the law relating to regulating Combinations. It prescribes that all transactions qualifying as a Combination should be notified to the Competition Commission of India in Form I (short form application) or Form II (long form application) as applicable.
When was the MRTP Act replaced by the Competition Act?
MRTP Act repealed and is replaced by the Competition Act, 2002, with effect from September 1, 2009
What was the purpose of the Competition Act 2002?
It’s an independent body responsible for investigating mergers, acquisition and pricing strategy by the different companies. Competition Act 2002 had replaced the Monopolies and Restrictive Trade Practices Commission, 1969. The Monopoly and Restrictive Trade Practice Act 1969 became obsolete in the present world of throat cutting competition.
Why was Competition Act 1969 made in India?
CCI had replaced the Monopolies and Restrictive Trade Practices Commission, 1969. 1. To protect the interests of the consumers by providing them good products and services at reasonable prices. 2. To promote healthy competition in the Indian market. 3.
When did Competition Act replace monopolies and re?
On May 20, a six-year waiting period ended with the Central Government notifying some key provisions of the Competition Act, 2002, which is to replace the Monopolies and Restrictive Trade Practices (MRTP) Act. The Hindu, Original Article, “Competition Act and MRTP: One ‘two’ many”, Retrieved on 25th December 2017, Article by Aditi Gopalakrishnan.
