An Introspective Study on the Anti-Competitive Agreements under the Competition Act, 2002
Volume IV, Issue I, 2021
Competition serves as the key element of success since it ensures efficiency, innovation, more creativity, more customer friendly pricing systems of the products, which give a boost to the nation’s economy. Markets are vulnerable and susceptible to the wraths of the big powerful enterprises which by showcasing their dominant power in the market victimizes the customers and other entities in a market and only target at securing more and more benefits at the detriment of the consumers at every level. As a legal protective shield, The Competition Act was enacted which aims to churn out all Anticompetitive Practices through mainly preventing Anti-Competitive Agreements and Abuse of Dominance situations in the market. This project by analyzing the basics of development of the act gradually focuses on Section 3 and Section 4 with respect to the Anti-Competitive Agreements and the Abuse of Dominant powers and scrutinizes the various agreements, Arrangements and Conducts which pose a threat to the competitive spirit in the market. Such that the project can offer a clear view of the restrictive action as mentioned under the Competition Act so that an atmosphere of healthy competition can be encouraged in the markets to help the finance of a nation boom.
Keywords: Competition, Finance, Relevant Markets, Anti-Competitive Agreements, Dominant Positions, Power, Products and Goods, Trade and Commerce.