Who can be David to bring down Goliath?by Rishi Batta Law Firm
Pre liberalization, competition law in India was governed by the Monopolies and Restrictive Trade Practices Act, 1969 (“MRTP Act”). Based on principles of ‘command and control’, the MRTP Act was enacted to prevent concentration of economic power in the hands of a few, control monopolies and to prohibit monopolistic, restrictive, and unfair trade practices. It was only in the 1990s when India transitioned into a free market-based economy that the need for an effective competition law regime arose.
The MRTP Act was repealed since it had outlived its effectiveness and purpose and the Competition Act, 2002 (“Act”) was enacted to replace it. However, substantive provisions of the Act relating to competition law enforcement came into force only on 20th May 2009. The Competition Commission of India (“CCI”) was established to enforce the provisions of the Act with the overarching objectives of preventing practices having an adverse effect on competition in India, promoting and sustaining competition in markets, protecting the interests of consumers, and ensuring freedom of trade.
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Created on Jul 19th 2021 11:50. Viewed 216 times.