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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 prescribes agreements in restraint of trade, appears to be the earliest Anti-Trust Statute in the world. In India also the Contract Act was enacted which is earlier than the Sherman Act. The Contract Act contains a provision declaring agreements in rest .....

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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 concentration of economic power to the common detriment. The Act was intended to control Monopolies and to provide for the prohibition of Monopolistic and Restrictive Trade Practices. The said MRTP Act was found to be very ineffective due to a variety of reason .....

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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 Property Rights (TRIPS). As a result many multinational companies could able to enter in the Indian market. Therefore, realizing that there was no tooth for the MRTP Commission under the MRTP Act and that a new law was the need of the hour, the Central Gove .....

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