Forty three cases of unfair corporate trade practices under CCI scrutiny: Competition Appellate Tribunal
Updated: May 23, 2014 11:16:45am
New Delhi, May 23 (KNN) The Competition Commission of India (CCI) is closely examining around forty three cases of unfair trade practices of corporate misrepresentation in India and is doing its best to ensure their faster disposal, according to the Competition Appellate Tribunal.
While addressing the inauguration of Corporate Legal Counsel Summit here yesterday, Member of Competition Appellate Tribunal, Rahul Sarin said that the CCI until last month looked at 461 such cases.
The event was organized by the PHD Chamber of Commerce and Industry.
“About 228 cases were disposed of at the first stage as investigation was not needed for them. Detailed investigation was taken up and disposed of 129 cases and given final order. At present, there are around 43 active cases under the commission’s close scrutiny and their disposal will be concluded as soon as possible”, he observed.
According to Sarin, the essence of competition law is promotion of economic efficiency, innovation, fair play in a market which in a free and functioning market protects the interests of the consumers.
He further suggested that competition compliance needs to be embedded on an overall compliance strategy as required under the regulatory process of the company law. If organisations try to make competition compliance as a standalone exercise, it is bound to fail. Competition compliance needs to be integrated to the overall vision and goals of the company.
Member of CCI, Anurag Goel, who also spoke on the occasion said, “Competition law is different from other laws as it is about competitiveness. In competition law, a new legal thinking is needed for effective development of competition law and regulation in India. Competition law has an economic objective and without basic knowledge of economic competition law, it is difficult to understand its implications. Competition regulation is linked to corporate strategy as this law is applicable for enterprise”.
Vice President, PHD Chamber of Commerce and Industry, Mahesh Gupta, in his welcome remarks said, “ infrastructural and legal reforms are the priority as it will allow various global companies to start investing in India. Moreover people from almost all the sectors are looking forward to the new government as it is expected to deliver the desired results to let India progress economically”.
ONGC’s Chief Manager Legal, J K Bodha in his remarks observed, “Corporate legal counsel is expected to guide the company with right laws, where compliances are not being done. According to him most of the companies are least interested in the law, they just want a way out. Therefore it becomes mandatory for a legal counsel to know the in and out of the company”.
Moderating the Summit Executive Director of PHD Chamber, Saurabh Sanyal, pointed out that legal counsels are aware of competitive economic and business laws and the latest about them and thus their counsels are required to be followed up by their clients so that misrepresentation of any sort in corporate compliance is plugged for good. (KNN/SD)
While addressing the inauguration of Corporate Legal Counsel Summit here yesterday, Member of Competition Appellate Tribunal, Rahul Sarin said that the CCI until last month looked at 461 such cases.
The event was organized by the PHD Chamber of Commerce and Industry.
“About 228 cases were disposed of at the first stage as investigation was not needed for them. Detailed investigation was taken up and disposed of 129 cases and given final order. At present, there are around 43 active cases under the commission’s close scrutiny and their disposal will be concluded as soon as possible”, he observed.
According to Sarin, the essence of competition law is promotion of economic efficiency, innovation, fair play in a market which in a free and functioning market protects the interests of the consumers.
He further suggested that competition compliance needs to be embedded on an overall compliance strategy as required under the regulatory process of the company law. If organisations try to make competition compliance as a standalone exercise, it is bound to fail. Competition compliance needs to be integrated to the overall vision and goals of the company.
Member of CCI, Anurag Goel, who also spoke on the occasion said, “Competition law is different from other laws as it is about competitiveness. In competition law, a new legal thinking is needed for effective development of competition law and regulation in India. Competition law has an economic objective and without basic knowledge of economic competition law, it is difficult to understand its implications. Competition regulation is linked to corporate strategy as this law is applicable for enterprise”.
Vice President, PHD Chamber of Commerce and Industry, Mahesh Gupta, in his welcome remarks said, “ infrastructural and legal reforms are the priority as it will allow various global companies to start investing in India. Moreover people from almost all the sectors are looking forward to the new government as it is expected to deliver the desired results to let India progress economically”.
ONGC’s Chief Manager Legal, J K Bodha in his remarks observed, “Corporate legal counsel is expected to guide the company with right laws, where compliances are not being done. According to him most of the companies are least interested in the law, they just want a way out. Therefore it becomes mandatory for a legal counsel to know the in and out of the company”.
Moderating the Summit Executive Director of PHD Chamber, Saurabh Sanyal, pointed out that legal counsels are aware of competitive economic and business laws and the latest about them and thus their counsels are required to be followed up by their clients so that misrepresentation of any sort in corporate compliance is plugged for good. (KNN/SD)
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