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Mrtp Final

Mrtp Final

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Published by Urja Vora

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Published by: Urja Vora on Apr 09, 2011
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10/26/2012

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MRTP ACT
1
INTRODUCTION
Monopolies and Restrictive Trade Practices Act, 1969 (MRTP Act), which cameinto force was the first substantive legislation aimed at regulating free andunfettered trade. The main object of enacting the MRTP Act was to ensure thatthe economic system does not result in the concentration of economic power tothe common determinant, for the control of monopolies and foe the prohibitionof monopolistic and restrictive trade practices. The MRTP Act regulates threetypes of trade practices, monopolistic trade practices, restrictive trade practicesand unfair trade practices.Under the MRTP Act, a Commission has been established, the Chairman of which is always a person who is or has been or is qualified to be a judge of theSupreme Court or of High Court (of a state). The commission is assisted by theDirector General of Investigation & Regulation (DG) for carrying outinvestigations or maintaining a register of agreements. The powers of thecommission include the power vested in a Civil Court.
 
 
MRTP ACT
2
 
M
RTP ACT- 1969:-
Post independence, many new and big firms have entered the Indianmarket. They had little competition and they were trying to monopolize themarket. The Government of India understood the intentions of such firms. Inorder to safeguard the rights of consumers, Government of India passed theMRTP bill. The bill was passed and the Monopolies and Restrictive TradePractices Act, 1969, came into existence. Through this law, the MRTPcommission has the power to stop all businesses that create barrier for the scopeof competition in Indian economy.The MRTP Act, 1969, aims at preventing economic power concentration inorder to avoid damage. The act also provides for probation of monopolistic,unfair and restrictive trade practices. The law controls the monopolies andprotects consumer interest.
About the
M
RTP Act, 1969
 
The MRTP Act extends to the whole of India except the state of Jammu andKashmir. This law was enacted:
y
 
To ensure that the operation of the economic system does not result inthe concentration of economic power in hands of few,
 
 
MRTP ACT
3
 
y
 
To provide for the control of monopolies, and
y
 
To prohibit monopolistic and restrictive trade practices.Unless the Central Government otherwise directs, this act shall not apply to:1.
 
Any undertaking owned or controlled by the Government Company,2.
 
Any undertaking owned or controlled by the Government,3.
 
Any undertaking owned or controlled by a corporation (not being acompany) established by or under any Central, Provincial or State Act,4.
 
Any trade union or other association of workmen or employees formed fortheir own reasonable protection as such workmen or employees,5.
 
Any undertaking engaged in an industry, the management of which hasbeen taken over by any person or body of persons under powers by theCentral Government,6.
 
Any undertaking owned by a co-operative society formed and registeredunder any Central, Provincial or state Act,7.
 
Any financial institution.Monopolies and Restrictive Trade Practices Act, 1969 (MRTP Act), which cameinto force was the first substantive legislation aimed at regulating free andunfettered trade. The main object of enacting the MRTP Act was to ensure thatthe economic system does not result in the concentration of economic power tothe common determinant, for the control of monopolies and foe the prohibitionof monopolistic and restrictive trade practices. The MRTP Act regulates threetypes of trade practices, monopolistic trade practices, restrictive trade practicesand unfair trade practices.

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