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In the competition act 2002, Two tiers agencies were created as per its provisions
The COMPAT is made to hear appeals from a person, enterprise, local authority which are
aggrieved by any direction, decision or order which regards to competition. And they can also
provide compensation.
And any person aggrieved by any decision or order of the Appellate Tribunal may file an
appeal to the Supreme Court which is considered as the ultimate appeal. within sixty days
from the date of communication of the decision or order of the Appellate Tribunal to the
When we talk about competition policy we can not miss competition law which is its subset
Competition law is based on the fundamental premise that market forces and their contracts
need to be organized in a competitive manner. This law intervene whenever commercial
contracts are found to be ‘restrictive’ in nature.
Industrial policy
Which assert that Competition, both domestic and external, will be deepened across industry
Trade policy
Which claimed that a liberalised trade policy, relaxed foreign investment and ownership
requirements can enhance competition in local and national markets
Privatization
This juts states that the government believes that privatisation should increase competition,
not decrease it
This consist of promoting sustained high level of economic growth, so that it can improve
productivity which can help in attaining international competitiveness and generating
employment opportunities
Non applicability
3. Banks.
It can now be concluded that the competition Act, 2002 is landmark legislation.
Its main aim is to promote competition and curb all anti-competitive agreements. Indeed, it
not only restricts the abuses of dominant enterprises but also regulate any kind of
combinations beyond a particular size.
But bear in mind that this Act does not curb monopolies rather it curbs abuses of monopolies.
Thus, the competition Act is expected to protect the interest of the small and medium
industries in the country besides giving consumers more powers to redress their grievances.