Come May 20, the Chief Justice of India, JS Khehar, is delivering the Annual Day Lecture on “Emerging Jurisdiction of Competition Law: How will it serve the business community in India, and India’s trade policy” being organized by the Competition Commission of India (CCI) at the Convention Hall in New Delhi.
The Competition Act, 2002, as amended by the Competition (Amendment) Act, 2007, follows the philosophy of modern competition laws. The Act prohibits anti-competitive agreements, abuse of dominant position by enterprises and regulates combinations (acquisition, acquiring of control and M&A), which cause or are likely to cause an appreciable adverse effect on competition within India.
The objectives of the Competition Act are sought to be achieved through the Competition Commission of India (CCI), which has been established by the Central Government with effect from 14th October 2003.
It is the duty of the Commission to eliminate practices having adverse effect on competition, promote and sustain competition, protect the interests of consumers and ensure freedom of trade in the markets of India, the Ministry of Corporate Affairs today said in an official statement.