Competition Act, 2002
Government of India (GOI) had appointed a committee under the Chairmanship of Shri S.V.S. Raghavan in October, 1999 to examine The Monopolies and Restrictive Trade Practices Act, 1969 for shifting the
focus of the law from curbing monopolies to promoting competition and to suggest a modern competition law.
Competition Bill, 2001 was introduced in the Lok Sabha on 6 August, 2001 and was referred to Parliamentary Standing Committee for its recommendation. Pursuant to the recommendations of the committee, the Competition Act, 2002 [Competition Act] was enacted.
GOI has issued notifications from time to time to bring into force various provisions of the Competition Act as under:
- Section 3 – Prohibition of anti-competitive agreements – brought into force from 20 May 2009
- Section 4 – Prohibition of abuse of dominant position – brought into force from 20 May 2009
- Section 5 – Combination – brought into force from 1 June 2011
GOI had also brought into force other provisions of Competition Act i.e. sections 6 (relating to Regulations of Combination) and sections 20, 29, 30 and 31 (procedure relating to Combination) in force from 1 June 2011.
GOI has also issued various regulations under the Competition Act from time to time one of the key being
Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 [Combination Regulations] dealing with amalgamations, merger and acquisitions. The Combination Regulations came into force on 1 June 2011.