Q. Consider the following statements regarding “Competition Act 2002”:
1.It replaced the Monopolies and Restrictive Trade Practices (MRTP) Act, 1969.
2.It provided for the establishment of the Competition Commission of India (CCI).
Which of the statements given above is/are correct?

[A] 1 only

[B] 2 only

[C] Both 1 and 2

[D] Neither 1 nor 2

Answer: C
Notes:

Explanation: The Competition Act 2002 replaced the Monopolies and Restrictive Trade Practices (MRTP) Act, 1969.

  • It provided for the establishment of the Competition Commission of India (CCI).
  • The Act forbids anti-competitive agreements, corporate abuse of dominant positions, and combinations (including acquisitions, takeovers of control, and mergers and acquisitions) that have or are likely to have a materially negative impact on competition in India.

Source: FORUMIAS

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