COMPETITION ACT 2002 PDF
(2) This Act may be called the Competition Act, Short title, extent and (e) " Commission" means the Competition Commission of India established under. THE COMPETITION ACT, (12 OF ). CONTENTS. Sections. Page. CHAPTER I. PRELIMINARY. 1. Short titles, extent and commencement. 1. 2. In April the Competition Act, was enacted to consolidate and modernise the (Control) Act, , as amended, the Competition Act, and the.
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Competition Acts to this Act is one of a group of Acts included in this Competition Act (Section 34(11)) (Commission For Taxi Regulation). (1) This Act may be called the Competition Act, (2) It extends to the whole of India except the State of Jammu and Kashmir. (3) It shall come into force on. Objective of the Competition Act, An Act, keeping in view of the economic development of the country, was laid down to provide for an establishment of a.
Trivandrum, Kerala 1 1 2 2 Notes on Competition Act, v. Ability to appoint more than half of the members of Board of Directors 3. Ability to control the management or affairs of the other enterprise Control includes Controlling the affairs or management by 1.
One or more Enterprise Jointly or singularly over another Enterprise 2. One or more Group Jointly or singularly over another group or enterprise Predatory Pricing- It means the sale of goods or provision of services, at a price below cost of production to reduce competition or eliminate the competitors.
The main objective of such price is to reduce competition or to eliminate the competitors Anti Trust law-The antitrust laws apply to virtually all industries and to every level of business, including manufacturing, transportation, distribution, and marketing.
They prohibit a variety of practices that restrain trade [Examples are illegal practices of price-fixing, corporate mergers likely to reduce the competitive vigor of particular markets, and predatory acts designed to achieve or maintain monopoly power] Monopoly - A market structure characterized by a single seller, selling a unique product in the market.
In a monopoly market, the seller faces no competition, as he is the sole seller of goods with no close substitute Perfect Competition- Perfect competition is a market system characterized by many different buyers and sellers.
In the classic theoretical definition of perfect competition, there are an infinite number of buyers and sellers.
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With so many market players, it is impossible for any one participant to alter the prevailing price in the market. If they attempt to do so, buyers and sellers have infinite alternatives to pursue. Oligopoly- An oligopoly is similar in many ways to a monopoly. The primary difference is that rather than having only one producer of a good or service, there are a handful of producers, or at least a handful of producers that make up a dominant majority of the production in the market system.
While oligopolists do not have the same pricing power as monopolists, it is possible, without diligent government regulation, that oligopolists will collude with one another to set prices in the same way a monopolist would.
Like a perfectly competitive market system, there are numerous competitors in the market. The difference is that each competitor is sufficiently differentiated from the others that some can charge greater prices than a perfectly competitive firm.
An example of monopolistic competition is the market for music. While there are many artists, each artist is different and is not perfectly substitutable with another artist. Articles 38 and 39 of the Constitution of India mandate, inter alia, that the State shall strive to promote the welfare of the people by securing and protecting as effectively, as it may, a social order in which justice — social, economic and political — shall inform all the institutions of the national life, and the State shall, in particular, direct its policy towards securing 1.
That the ownership and control of material resources of the community are so Distributed as best to sub serve the common good; and 2.
They seek to afford protection and support consuming public by reducing Monopolistic, Restrictive and Unfair Trade Practices from the market Globalization has the fundamental attributes of relying significantly in the market forces, ensuring competition and keeping market functioning efficiently.
The development of an industrial base with a view to achieving self reliance and 2. The promotion of social justice The MRTP Act has become obsolete in certain areas in the light of international economic developments relating to competition laws and hence focus was shifted from curbing monopolies to promoting competition In October, Central government appointed high level committee under the chairmanship of Mr.
Raghavan, the aim of the committee was to formulate the competition law in tune with economic reforms and international development. The committee presented its report on May , The draft competition law was presented on November After certain amendments the parliament passed the new law, called completion Act The Framework of Competition Act has essentially four compartments: 1.
Anti- Competitive Agreements [ Section 3] 2. Abuse of Dominance [ Section 4] 3. Predatory pricing, etc. Enquire into Anti Competitive Agreements [Section - 3] 2.
Enquire Abuse of Dominant Position [Section — 4] 3. Those right protected as intellectual property 2. Agreement exclusively for experts 6. Anti-competitive agreements [Section 3] Any agreement for goods or services which has appreciable adverse effect on competition in India is prohibited.
These kinds of agreements are known as anti-competitive agreements. Anti competitive agreement of entered into shall be void Section 3 of the Act states that no enterprise shall enter into: 1. Such agreements must cause or be likely to cause appreciable adverse effect on competition AAEC in a relevant market in India.
The relevant market may be a geographical or a products market. There are Two kinds of agreements 1. Vertical agreements. Horizontal agreements see Table 1 They are Agreements Between Parties in the same line of production.
Determination of Minister for Communications, Energy and Natural Resources after full media merger examination. Review of conditions in determination under section 28G 1 c.
Enforcement of certain determinations. Limitation of judicial review of determination. Report and Research. Sharing of information and documents and disclosure of confidential information.
Expenses in administration of part. PART 4. The Competition Authority. Functions of the Authority. Investigations of the Authority — general provisions. Prohibition on unauthorised disclosure of information.
Strategic plans and work programmes. Provisions for co-operation between the Authority and statutory bodies. Meeting and business. Functions and accountability of chairperson.
Seal of the Authority.
Accounts and audits. Annual report. Grants and borrowing powers. Authorised officers and their powers. Relationship of Authority with foreign competition bodies.
Information relating to offences under this Act may be disclosed to Authority. PART 4A. Performance of Functions of Commission Under this Act. Function of the Commission to investigate complaints relating to the electronic communications market.
Delegation of functions of Commission. Commission to notify Authority before acting under this Act. Responsibilities of Authority with respect to notifying existence of certain agreements, decisions, practices and abuses. Authority and Commission to make every effort to settle disputed questions.
Undertaking not liable to be prosecuted by both Authority and Commission for same offence. Co-operation agreement between Authority and the Commission with respect to performing their respective functions under this Act. PART 5.
Restrictive Practices Groceries Order, Protections for person reporting breaches of Act. Amendment of Industrial and Provident Societies Act, Regulations and orders.
Provision with respect to fees payable under this Act. Saving and transitional provisions. Statutory Bodies and their responsible Ministers of the Government. Saving and Transitional Provisions. Redress for Contravention of Section 50 3. Relevant Categories of Self-employed Worker. Acts Referred to. Broadcasting Act, Civil Service Commissioners Act, Civil Service Regulation Acts, and Competition Act, Competition Acts, and Competition Amendment Act, Comptroller and Auditor General Amendment Act, European Parliament Elections Act, To ensure freedom of trade in Indian markets.
To prevent abuses of dominant position in the market actively.
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Regulating the operation and activities of combinations acquisitions, mergers and amalgamation. Creating awareness and imparting training about the competition Act. Essay 3. Main Features of Competition Act, Following are some important features of the competition Act: 1. Competition Act is a very compact and smaller legislation which includes only 66 sections. This Act restricts agreements having adverse effect on competition in India.
This Act suitably regulates acquisitions, mergers and amalgamation of enterprises. Under the purview of this Act, the central Government appointed director General for conducting detail investigation of anti-competition agreements for arresting CCI. This Act is flexible enough to change its provisions as per needs. Civil courts do not have any jurisdiction to entertain any suit which is within the purview of this Act. This Act possesses penalty provision.
The Competition Act, 2002
Essay 4. Venture capital Funds VCFs.Enquire Abuse of Dominant Position [Section — 4] 3. The members may be reappointed once, for a term of no more than four years. Protections for person reporting breaches of Act. Determination of Minister for Communications, Energy and Natural Resources after full media merger examination.
An order shall apply for a period, not exceeding two years, to be determined by the Board.
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