Amendments in the Competition Act,2002 ; 3rd time since it's adoption..!
Source :NewsBharati Date :01-Dec-2018
New Delhi, December 1: The Government of India have recently decided to amend the Competition Law, 2002 for the third time since it’s enactment. The Ministry of Corporate Affairs constituted a Competition Law review committee to review the competition, rules and regulations.
“The objective of this change is to bring about necessary transformations overall. The committee will also look into international best practices in the competitive fields, anti trust laws, merger guidelines and handling cross border issues.”, said the MCA authorities.
The updated version of the Act is made available to the stakeholders on website www.cci.gov.in in the Legislation corner. The Government on the contrary have asked for the reviews on the amendments by 7th of December. However, reviews and comments are to be reached to the authority only through mail, the id being ‘[email protected]’.
About the 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.
It is a tool to implement and enforce competition policy and to prevent ,punish anti-competitive business practices by companies in market. Competition laws is equally applicable on written as well as oral agreement, arrangements between the enterprises or persons.
This act extends to whole of India except the State of Jammu and Kashmir.
History of amendments :
The Competition Act, 2002 was amended twice before in year 2007 and 2009. The original act was replaced by the Competition (Amendment) Act, 2007 and the Competition (Amendment) Act, 2009, respectively.
The Act establishes a commission which is duty bound to protect the interests of the free and fair competition including the process of competition. This ultimately aims at protecting the interests of consumers.
Broadly, the Commission's duty constitutes to prohibit the agreements or practices that have or are likely to have an appreciable adverse effect on competition in a market in India.
The commission is also engaged in prohibiting the abuse of dominance in a market and acquisitions, mergers, amalgamations between enterprises. As per the law, mergers and amalgamations are likely to have an appreciable adverse effect on competition in market in India.
In addition to this, the Competition Act envisages its enforcement with the aid of mutual international support and enforcement network across the world.