By IANS
New Delhi : The Competition Bill that seeks to eventually repeal the Monopolies and Restrictive Trade Practices Act and give regulatory powers to the Competition Commission has been passed by both houses of parliament.
The commission would now act as an expert body and a market regulator for preventing and regulating anti-competitive practices in accordance with the new act and also play an advisory and advocacy role.
The bill also seeks to set up a three-member, quasi-judicial body – Competition Appellate Tribunal – to hear and dispose of appeals against an order or decision of the commission and to decide on compensation.
The tribunal will be headed by a person who is or has been a justice of the Supreme Court or the chief justice of a high court, the ministry of corporate affairs said in a statement Monday.
The bill also aims at allowing the Monopolies and Restrictive Trade Practices Commission to function for two more years to try pending cases after which it would stand dissolved, the statement added.
“Cases still remaining pending after this two-year period, would be transferred to Competition Appellate Tribunal or the National Commission under the Consumer Protection Act, 1986 depending on the nature of cases.”