Mrtp Act 1969 - Summary Essay
The Competition Act 2002 considers the modern issues of globalization and WTO besides the shortcomings of the now repealed MRTP Act 1969. But the success of the Compititon Act 2002 depends on the identification and determination of anti-competitive agreement.
The MRTP Act, 1969
The MRTP Act, 1969, aims at preventing the concentration of economic power in order to avoid damage. The act allows for the probation of monopolistic, unfair and restrictive trade practices. This results in the control of monopolies and the consumer interest is thus protected.
Monopolistic Trade Practice
Practices such as monopolistic trade reflects misuse of one's power to abuse the terms of production and sales of goods and services in …show more content…
MRTP Commission and Filing of Complaint
The Central Government has established a commission called Monopolies and Restrictive Trade Practices Commission. This commission consists of a Chairman and minimum 2 and maximum 8 other members, all are to be appointed by the Central Government. Every member holds the office for a period specified by the Central Government. This period does not exceed 5 years. However, members are eligible for re-appointment.