Competition Act, 2002 India

Purpose of the Competition Commission of India

• Administers and enforces competition laws in the country
• Aims to prevent anti-competitive practices and promote fair competition

Replacement of Previous Legislation

• The Competition Act, 2002 replaced the Monopolies and Restrictive Trade Practices Act of 1969

Acquisition Definition

• An acquisition is defined as a transaction where a company takes control over another company by acquiring shares, assets, or a combination of both

Agreement Definition

• An agreement under the Competition Act, 2002 refers to any arrangement, understanding, or concerted action between enterprises, whether formal or informal

Cartel Definition

• A cartel is a group of independent companies that collude to limit competition by controlling prices, limiting production, or dividing markets

Regional Exemptions

• The Competition Act, 2002 does not extend to the Jammu and Kashmir region

Goods Definition according to Sale of Goods Act 1930

• Goods are defined as every kind of movable property, excluding actionable claims and money

Consumer Definition under Competition Act 2002

• A consumer is any person who buys any goods or services for personal use and not for commercial purposes

Enterprise Definition under Competition Act 2002

• An enterprise refers to any person or association of persons engaged in economic activities, including businesses or professions

Predatory Pricing

• Predatory pricing occurs when a company deliberately sets prices below cost to eliminate competitors from the market

Purpose of Anti-Competitive Agreements

• Anti-competitive agreements aim to prevent practices that can harm competition, such as price-fixing or market division among competitors

Consequences of Abusing Dominant Position

• Abusing a dominant market position may lead to sanctions, including penalties and orders to cease such behavior, protecting competition for consumer benefit

This quiz covers the Competition Act, 2002, a legislation that governs Indian competition law. It discusses the role of the Competition Commission of India and the act's provisions. Test your knowledge of this important Indian law!