Business thrive on competition, which is the critical element that distinguishes dynamic economics. The relevance of competition is universal. However, intense competition in the business environment also paves the way for dubious business practices. India’s Competition Act, 2002, enacted to fulfil the country’s obligations under the World Trade Organization agreements, is the country’s first comprehensive law dealing with unfair competition or antitrust issues. The Act’s clearly-stated objective is not only to prevent practices which have an adverse effect on competition, but also ‘to promote and sustain competition in markets, to protect the interests of consumers and to ensure freedom of trade’. The Monopolies and Restrictive Trade Practices Act, 1969, which had been found to be inadequate in this context, will be repealed once the whole of the Competition Act comes into force. Indian industrialists, fearful of the power of multinational corporations, which have become active in India’s economy in very significant numbers since the beginning of the process of liberalization, had also demanded legislative action to ensure a ‘level playing field’. This book provides a holistic picture of the developments that led to the enactment of the Act, the observations of the Committee that recommended the competition policy, and the means of enforcing the law. It discusses the basic principles of competition law, and then makes a detailed study of the provisions of the statute relating to anti-competitive agreements, abuse of dominance, acquisitions, and mergers. It also includes an analysis of the powers of the Commission under the Act, as well as of comparable legislation in the United States and Europe. The chapter on enforcement shows how competition issues are being dealt with in other countries.

This timely book is essential reading and reference material for lawyers, advanced students of law and business management, economists, advisors to industry, legal journalists, and informed general readers.