Competition Act, 2002
- The Competition Act, 2002, as amended by the Competition (Amendment) Act, 2007, prohibits anti-competitive agreements, abuse of dominant position by enterprises and regulates combinations (acquisition, acquiring of control and Mergers and acquisitions), which causes or likely to cause an appreciable adverse effect on competition within India.
- The objectives of the Act are sought to be achieved through the Competition Commission of India, which has been established by the Central Government in 2003.
- The Competition Commission of India (CCI) is a statutory body established under the Competition Act, 2002 for the administration, implementation and enforcement of the Act.
- CCI consists of a Chairperson and 6 Members appointed by the Central Government.
- The following are the objectives of the Commission.
- To prevent practices having adverse effects on competition
- To promote and sustain competition in markets
- To protect the interests of consumers and
- To ensure freedom of trade.
- The Commission is also required to give opinion on competition issues on a reference received from a statutory authority established under any law and to undertake competition advocacy, create public awareness and impart training on competition issues.
- Appeals of CCI lie with the National Company Law Appellate Tribunal.
Why in News?
- The Competition Commission of India (CCI) approves acquisition of shares in Olam Agri Holdings Pte. Ltd. by SALIC International Investment Company.