An overview of the Competition Act, 2002* In the wake of economic liberalization and widespread economic reforms introduced by India since 1991 and in its attempt to march from a “command – and - control” regime to a regime based on free market principles, India decided to replace its then existing competition law namely, the Monopolies and Restrictive Trade Practices Act, 1969 (the “MRTP Act”) which was primarily designed to restrict the growth of monopolies in the market with a modern competition law in sync with the established competition law principles. As the first step towards this transformation, a new Competition Act, 2002 (“Competition Act”) was enacted which received Presidential assent on 13 January, 2003. The Competition Act, in its preamble, seeks to achieve the following
An overview of the Indian Competition Act, 2002 and Competition (Amendment) Act, 2007
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