- What is the full form of CCI?
- Which is not regulated by Competition Act 2002?
- Which is not considered as anti-competitive agreements in the Competition Act 2002?
- What is the objective of MRTP Act?
- Why was MRTP Act discontinued?
- Who can appear before CCI?
- What is a competition?
- What is the importance of Competition Act 2002?
- What is substantially lessening competition?
- Why do we need competition law?
- What is the MRTP Act?
- What are the two types of anti-competitive agreements?
- Why is the Competition Act important for businesses?
- What are the objectives of competition?
- Why does competition protect the consumer?
- What is the Competition Act and why is it an important piece of legislation law?
- What does the competition bureau do?
- Which of the following is the features of Competition Act 2002?
- What does the Competition Act forbid?
- Who is the person according to Competition Act 2002?
- What are the remedies available under the Competition Act 2002?
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..
Which is not regulated by Competition Act 2002?
Which of the following is not the objective of the Competition Act, 2002 ? Choose Your Answer: AProhibition of Restrictive Trade Practices.
Which is not considered as anti-competitive agreements in the Competition Act 2002?
The ‘per se’ rule as applicable for horizontal agreements does not apply for vertical agreements. Hence, a vertical agreement is not per se anti-competitive or does not have an appreciable adverse effect on competition.
What is the objective of MRTP Act?
Objectives of Competition Act, difference with MRTPBASISMRTP ACTCOMPETITION ACTObjectiveTo control monopoliesTo promote competitionAgreementRequired to be registered.It does not specify any provision relating to registration of agreement.Appointment of ChairmanBy the Central GovernmentBy an independent committee6 more rows
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.
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 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.
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 is substantially lessening competition?
Substantial lessening of competition It is not illegal to have market power or to use it. … there [must] be a purpose, effect or likely effect of the impugned conduct on competition which is substantial in the sense of meaningful or relevant to the competitive process.
Why do we need competition law?
‡ The need for Competition Law arises because market can suffer from failures and distortions, and various players can resort to antiYcompetitive activities such as cartels, abuse of dominance etc. … ‡ Thus there is need for Competition Law, and a Competition Watchdog with the authority for enforcing Competition Law.
What is the 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 are the two types of anti-competitive agreements?
UK and EU competition law prohibit two main types of anti-competitive activity:anti-competitive agreements (under the Chapter I / Article 101 prohibitions); and.abuse of a dominant market position (under the Chapter II / Article 102 prohibitions).Dec 1, 2020
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 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.
Why does competition protect the consumer?
Competition in America is about price, selection, and service. it benefits consumers by keeping prices low and the quality and choice of goods and services high. Competition makes our economy work. By enforcing antitrust laws, the Federal trade Commission helps to ensure that our markets are open and free.
What is the Competition Act and why is it an important piece of legislation law?
The primary intention of the Act is to prevent anti-competition practices through regulations and prohibitions. The Competition Commission deals with merger notification, complaints and exemption from prohibition applications. The Commission refers complaints and large mergers to the Tribunal.
What does the competition bureau do?
The Competition Bureau is responsible for the administration and enforcement of the Competition Act , the Consumer Packaging and Labelling Act , the Textile Labelling Act and the Precious Metals Marking Act . Find out more about our approach, court decisions, alternative case resolutions and written opinions.
Which of the following is the 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.
What does the Competition Act forbid?
The legislation prohibited conspiracies and agreements by businesses in restraint of trade. Inspired by the American Sherman Antitrust Act, the legislation was mostly incorporated into the Canadian Criminal Code two years later.
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 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.