1. LEGAL ASPECTS OF CORPORATE BUSINESS
NAME :REENA K. JOTANIYA CLASS :M.COM -2 ROLL NO :21 ACADMIC YEAR : DEPT. :DEPARTMENT OF COMMERCE SUBMITTED TO :DR. Daxa Pratapsingh

2. Competition Act, 2002 Conclusion Competition History Objectives
Features
Components
Benifits
Difference between MRTP and Competition
CCI
Composition of Competition
Conclusion

3. Competition
Is “ a situation in a market in which firms or sellers independently strive for the buyers’ patronage in order to achieve a particular business objectives for example , profits , sales or market share” World Bank ,1999 “Competition” is an age-old phenomenon

4. History of competition Act
The Government of India introduced the bill in 2001.
Bill passed in Dec2002.
On 13 Jan 2003 The president of India gave his assent.
Competition commission of India (CCI) is advocacy for competition Act2002.
It replace Monopolies and Restrictive Trade Practices Act1969. ec

5. Objectives of competition Act
The competition Act, 2002 was enacted in January Its main objective are to: 1) Ensure fair competition in India, by prohibiting trade practices that have an adverse effect on competition 2)Promote and sustain competition 3)Protect the interests of consumers 4)Ensure freedom of trade for other participants in incidental and connected market 5)To create Equity in trade

6. Features of competition Act
Prohibition of enti- competitive agreements
Prohibition of abuse of governmant position
Regulation of combinations
Establishment of the competition commission of India
Penalties for contravention and non -compliance
Compitition advocacy
Constitution of the competition fund.

7. Components Anti-competition agreements Abuse of dominance
Combinations regulation
Competition advocacy

8. BENIFITS
Companies: Efficiency , cost-saving operations, better utilization of resources , etc.
The Consumer: Wider choice of goods at competitive prices
The Government: Generates revenue
But

9. Con
It is not necessary that there are a large number of producers/suppliers to have competition conditions.
A single producer can exist and provide a competitive atmosphere provided entry of new firms is easy and not costly.
Entry barriers can be due to the market position of incumbent firms , legal barriers or strategic barriers
Incumbent firms may use their power as ” first movers”
to block entry.
Legal barriers include licensing and other Government
regulations

10. DIFFERENCE BETWEEN MRTP AND COMPETITION
Based on pre - reforms scenario
Undertaking's size as a factor
Implicit or not defined
Complex in arrangement and language
MRTP Act,1969
Commission appointed by the Govt.
No penalties
Reactive and rigid
UTPs Covered
Based on post -reforms scenario
Undertaking's structure as a factor
Explicit and defined
Simple in arrangement and language and easily comprehensible
Competition Act,2002
Commission selected by a committee
Penalties
Proactive and flexible
UTPs omitted are

11. COMPETITION COMMISON OF INDIA (CCI)
The Commission shall Consist Of A Chairperson and not less than two and not more than six members to be appointed by the central Govt.
(U/S 8)
Head office : Delhi
Penal of names:
The chief justice of India or his nominee - Chairperson
The secretary in the Ministry of Company Affairs - Member
The secretary in the Ministry of Law -Member

12. Conti......... Chef Justices of India: Ability to Integrate
Capacity High court/Supreem Court Judge
15 Year Experience
Whole time member
5 year
Age limit 75 year
Death- next senior chairman

13. Conti......... Power of CCI Financial Sallery Administrative Bench
Principal
Additional

14. CONCLUSION
The competition law is very significant in the post liberalization era. Since India is a member country of WTO, the latter insists on fair and free competition in the trade across the nations of globe. IN Line With , WTO requirements, the Government. India replaced the old MRTP Act,1969 with the new Competition Act,2002.

15. Thank you