Snehanshu Bhushan, School of Law, Sharda University
This Paper gives a brief analysis of Competition Law in India and also other nations like Europe and United States of America. It starts with giving an insight to the Background of the Competition law i.e. with an explanation of the Competition Act 2002, the procedural aspect; how the act came into existence replacing the MRTP Act 1969 and the principle Objectives of the act. Also the paper discusses about the formulation of the Competition Commission in India to regulate the act. Also the paper highlights the basic roles and responsibilities of the commission. Below then in the paper are mentioned the relevant provisions of act that are as stated: Section (3) Prohibits Anti Competitive agreements, Section (4) Prohibits abuse of Dominant position, Section (5&6) Regulates Acquisitions, Mergers and Combinations, and Section (49) Mandates competition advocacy, detailed analyses of these headings have been provided in this paper. Also the paper discusses about the concept competition advocacy and its requirements in the nation.
The paper is completely based upon both the theoretical and practical approach of the study and upon additional research of the subject and the secondary material available in the library and internet. Various articles and journals too have constituted in writing of this paper and they hold a recognisition for the same. It is a descriptive study in nature and accurately portrays the characteristics of a particular situation. The relevant citations of relevant data’s have been placed there in the paper as footnotes.
The ultimate aim of this Paper is to give an elaborative study to the competition act and its mandates to conduct fair competition in the market. It could help one to get well versed with the application of competition law in different nations and their role. This paper will in depth enhance one’s approach towards the competition law and its relevant characteristics.