Forty three cases of unfair corporate trade practices under CCI scrutiny: Competition Appellate Tribunal

Forty three cases of unfair corporate trade practices under CCI scrutiny: Competition Appellate Tribunal

Forty three cases of unfair corporate trade practices under CCI scrutiny: Competition Appellate Tribunal

No.PR-29
May 22, 2014
New Delhi

Forty three cases of unfair corporate trade practices under CCI scrutiny: Competition Appellate Tribunal

The Competition Commission of India (CCI) is closely examining around forty three cases of unfair trade practices of corporate misrepresentation in India and doing its best to ensure their faster disposal.

Making the aforesaid observation while inaugurating a Corporate Legal Counsel Summit here today under aegis of PHD Chamber of Commerce and Industry, Mr. Rahul Sarin Member, Competition Appellate Tribunal said that the CCI until last month looked at 461 such cases.

“About 228 cases were disposed off at the first stage as investigation was not needed for them. Detailed investigation was taken up and disposed off 129 cases and given final order. At present, there are around 43 active cases under the commission’s close scrutiny and their disposal be concluded as soon as possible”, he observed.

According to Mr. Sarin, the essence of competition law is promotion of economic efficiency, innovation, fair play in a market which in a free and functioning market protect the interests of the consumers.

He suggested 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 stand alone exercise, it is bound to fail. Competition compliance needs to be integrated to the overall vision and goals of the company.

Mr. Anurag Goel, Member, CCI 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”.

Mr. Mahesh Gupta, Vice President, PHD Chamber of Commerce and Industry 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”.

J K Bodha Chief Manager Legal ONGC 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 the way out.  Therefore it becomes mandatory for a legal counsel to know the in and out of the company”.  

Moderating the Summit Mr. Saurabh Sanyal, Executive Director PHD Chamber 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.
ENDS
Koteshwar Prasad Dobhal
Consultant (PR)