Competition CommissionDate: 15 August 2019 Tags: Commissions & Committees
Competition Commission of India has imposed a fine of Rs 14 crore fine on Jaiprakash associates for indulging in unfair and discriminatory business activities.
- Competition Commission of India is a statutory body of the Government of India is responsible for enforcing The competition Act 2002 throughout India and to prevent activities that have an appreciable adverse effect on competition in India
- The Act prohibits anti-competitive agreements, abuse of dominant position by enterprises and regulates combinations (acquisition, acquiring of control and Merger and acquisition), which causes or likely to cause an appreciable adverse effect on competition within India.
The Commission comprises a Chairperson and six members. Ashok Kumar Gupta is the current Chairperson of CCI.
- Make the markets work for the benefit and welfare of consumers.
- Ensure fair and healthy competition in economic activities in the country for faster and inclusive growth and development of the economy.
- Implement competition policies with an aim to effectuate the most efficient utilization of economic resources.
- Develop and nurture effective relations and interactions with sectoral regulators to ensure smooth alignment of sectoral regulatory laws in tandem with the competition law.
- Effectively carry out competition advocacy and spread the information on benefits of competition among all stakeholders to establish and nurture competition culture in Indian economy.