Competition Commission of India Flashcards
Competition Commission of India (CCI)
statutory body of the Government of India responsible for enforcing the Competition Act, 2002, it was duly constituted in March 2009.
which Act was repealed and replaced by the Competition Act, 2002, on the recommendations of
The Monopolies and Restrictive Trade Practices Act, 1969 (MRTP Act) was repealed and replaced by the Competition Act, 2002, on the recommendations of Raghavan committee.
Competition Commission of India aims to establish
a robust competitive environment Through proactive engagement with all stakeholders
By being a knowledge intensive organization with high competence level.
Through professionalism, transparency, resolve and wisdom in enforcement.
Competition Act was passed in 2002 and has been amended by
the Competition (Amendment) Act, 2007. It follows the philosophy of modern competition laws.
Competition (Amendment) Act, 2007
Act prohibits anti-competitive agreements, abuse of dominant position by enterprises and regulates combinations (acquisition, acquiring of control and M&A), which causes or likely to cause an appreciable adverse effect on competition within India.
the Competition Commission of India and the Competition Appellate Tribunal have been established.
Government replaced Competition Appellate Tribunal (COMPAT) with the National Company Law Appellate Tribunal (NCLAT) in 2017.
Composition of CCI
Commission shall consist of a Chairperson and not less than two and not more than ten other Members who shall be appointed by the Central Government.
which type of body is cci and how it helps other bodies?
The commission is a quasi-judicial body which gives opinions to statutory authorities and also deals with other cases.
Functions and Role of CCI
To eliminate practices having adverse effect on competition
To give opinion on competition issues
competition regulator, and an antitrust watchdog for smaller organizations that are unable to defend themselves against large corporations.
A foreign company seeking entry into India through an acquisition or merger will have to abide by the country’s competition laws.
guarantees that no enterprise abuses their ‘dominant position’ in a market through the control of supply, manipulating purchase prices, or adopting practices that deny market access to other competing firms.
VOID AGREEMENT
An agreement is void when it fails to generate legal right and obligations between the parties due to any flow in its content or the process through which it has been arrived.
An initially valid agreement may become void subsequently due to developments which renders its performance impossible or illegal.
VOIDABLE AGREEMENT
A voidable contract is one which can be avoided by one party (but not the other contracts brought about the coercion, undue inflacon, misrepresentation etc. come under this category)- ask its meaning
Voidable=avoidable
Illegal contracts/agreements
which offend some law and these are not only themselves voided, but also nullify other agreements which are incidental collateral to it.
Performance meaning
Breach
the fulfillment of the respective obligations generated by the contract by the parties to the contract.
No. Performance or non-fulfillment of contractual obligations either in part or full will cause breach of contract and given rise to aright of the arrived party to claim damage or other remedies
Force Majore(majeure) Clause
In the purchase contract, however, some of the contingencies mentioned in DOCTRINE OF FRUSTRATION which render performance of the contract impossible either totally or over a period, are generally provided for in the shape of a ‘Force Majore Clause’.
majeure meaning unforeseeable circumstances that prevent someone from fulfilling a contract.
