The Pros And Cons Of The MRTP Act
The third and final category of practices under the MRTP Act was characterized under Restrictive Trade Practices (RTPs) and was dealt under Chapter V – A of the MRTP Act. RTP was defined u/s 2 (o) of MRTP Act and Section 2 (o) read with Section 33 (1) of the MRTP Act as an act which has the effect of preventing, distorting or restricting competition. Certain common types of RTPs enumerated in the MRTP Act were refusal to deal, tie-up sales, full line forcing, exclusive dealings, price discrimination, predatory pricing, re-sale price maintenance, area restrictions etc. It is important to note here that many of these concepts have exclusively found place in Section 3 and 4 of the Competition Act. Section 3 provides illustrative definitions of …show more content…
Later the Supreme Court in Voltas Ltd v/s Union of India held that in view of the general definition of RTPs under Section 2 (o), practices other than the one listed under Section 33 (1) could be examined under Rule of Reason analysis. MRTP Act to Competition Act 2002 As noted earlier, a substantial part of the MRTP Act was focused around monopolistic behavior and economic concentration. In light of the changing economic situation and initiation of economic reforms in the country post 1991, the need was felt for a change in approach towards fostering competition. Against this background, the Finance Minister of India in its budget speech in February, 1999 made the following statement in the context of to the then existing MRTP Act. “The MRTP Act has become obsolete in certain areas in the light of international economic developments relating to competition laws. We need to shift our focus from curbing monopolies to promoting competition. The Government has decided to appoint a committee to examine this range of issues and propose a modern competition law suitable for our conditions.” The Raghavan Committee was constituted to recommend a suitable legislative framework relating to competition law for the country. It was felt that although the MRTP Act seemingly had provisions regulating anti-competitive practices, in comparison with competition laws of many countries it was inadequate for promoting competition in the market trade and for reducing, if not eliminating, anticompetitive practices in the country’s domestic and international trade. One of the biggest failings of the MRTP Act was the inadequacy of MRTP Act to provide adequate remedy to complainants. Except for orders directing a respondent to ‘cease
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