By IANS,
New Delhi: The Lok Sabha Monday passed a bill to transfer all pending cases under the Monopolies and Restrictive Trade Practices National Commission (MRTPC) to a tribunal set up under the Competition Commission Act.
All pending cases will be transferred to the Competition Appellate Tribunal as the MRTPC will soon become non-functional.
During a debate in the Lok Sabha on the Competition (Amendment) Bill, 2009, Corporate Affairs Minister Salman Khurshid said about 1,186 pending cases will be heard by the tribunal, which has been entrusted with protecting the rights of consumers and ensuring competition in the market.
“The purpose of the bill is not only to prohibit and curtail unfair trade practices, but also to restrict and regulate the market,” said Khurshid.
The minister said that concerns of industry on the Competition Act posing a hindrance to mergers and acquisitions will be nullified as the government would make amendments to ensure the same.