FORM VS. EFFECT BASED APPROACH – THE STORY OF COMPETITION
T he enforcement of competition law in India, in a fair, balanced, and optimal manner is a complex task given the diverse economic and legal considerations involved. The jurisprudence on competition in India vide the enactment of Competition Act, 2002 and the establishment of Competition Commission of India (‘CCI’) has evolved the landscape of enforcement and regulation of competition in India. Introduction: The origins of the Competition Act, 2002 (‘the Act’), being an economic jurisprudence can be traced back and found in the ancient Indian texts, mainly in the Manusmriti and Arthashastra, which not only portray the rich state of trade and commerce, but also provide insights on the prevalent laws to deal with and negate foul play in the market. The unfolding of Monopolies and Restrictive Trade Practices Act, 1969 (‘MRTP Act’) into the Competition Act, 2002 transpired with the principal object to promote, foster or sustain competition in India. However, based on principle, there was n...