Resale Price Maintenance Under Indian Competition Act 2002

Himanshi Garewal, Christ (Deemed to be) University, Bangalore

CHAPTER-1EVOLUTION OF COMPETITION LAW IN INDIA

The Monopolies and Restrictive Trade Practices Act 1969 (MRTP Act)

After accomplishment of independence, India embraced and followed policies constituting of “command and control” laws, rules, regulations and executive orders. The MRTP Act was one such case wherein such command and control economy was relied. Although there were economic reforms on large spectrum.

Objectives of the MRTP Act

After much contested debate over Bill, the MRTP Act was formed and enacted in 1969, came into force in 1970 and the MRTP Commission was established in the same year. Earlier to Competition Act, 2002, MRTP Act 1969 embedded competition law, the Act deals with the concept of monopolistic and restrictive trade practices and consequently with unfair trade practices. It is the result of Articles 38 and 39 of the Constitution which entitle the State should thrive to promote public welfare by safeguarding social order in which socio-economic justice shall convey all aspects of national life and guarantee ownership and control of material resources in order to preserve common good and function of economic system is relied in such a manner which does not result in concentration of wealth.