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HISTORICAL BACKGROUND OF THE COMPETITION ACT, 2002

Other Topics - By: - Mr. M. GOVINDARAJAN - Dated:- 2-9-2015 - The Competition Act, 2002 was enacted to repeal the MRTP Act. Fundamentally the Competition Act, 2002 is a law that addresses Anti-Trust issues. The US Act, the Sherman Act, 1890 which pre .....

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raint of trade as void. The expression restraint of trade was explained by the US Supreme Court in Business Electronic Corporation V. Sharp Electronics Corporation - 285 US 717 (1988) to mean not merely a particular list of agreements but also a part .....

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nown as Monopolies and Restrictive Trade Practices Act, 1969. The Preamble of the said Act advocated a socialistic philosophy by declaring that the Act was intended to ensure that the operation of the economic system did not result in the concentrati .....

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s, one of which was the frequent shift in the industrial policy of the Government. Chapter III of the said Act conferred power upon the Central Government to regulate the expansion of and the establishment of new undertaking by any undertaking fallin .....

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Corporate Sector was removed. With the process of liberalization, India became a party to two important agreements of the World Trade Organization namely General Agreement of Tariffs and Trade (GATT) and Trade Related Aspects of Intellectual Propert .....

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rnment constituted a High Level Committee of Competition Policy and Law. The Committee undertook an exhaustive study of the Government policies, their effect on the Industrial structure in India, the deficiencies of the Indian Industry to compete wit .....

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ombinations including mergers; To eliminate reservation of products in a phased manner for the Small Scale Industries and the Handloom Sector; To divest the shares and assets of the Government in State Monopolies and private them; and To bring all in .....

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003. The Central Government also notified rules for the selection of Chairperson and other members of the Competition Commission within a few months. The validity of the formation of Competition Commission came to be challenged before the Supreme Cou .....

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