The Monopolies and Restrictive Trade Practices Bill was introduced in the Parliament in the year 1967 and the same was referred to the Joint Select Committee. The MRTP Act, 1969 came into force, with effect from, 1 June, 1970.
The enactment of MRTP Act, 1969 was based on the socio – economic philosophy enshrined in the Directive Principles of State Policy contained in the Constitution of India. The MRTP Act has gone through many amendments since the time it was introduced after which it was repealed and replaced by the Competition Act, 2002.
The Competition Act, 2002 came into existence in January 2003 and the Competition Commission of India was established in October, 2003. It was amended in the year 2007, with the Competition (Amendment) Act, 2007.
The Competition Act strives to ensure fair and healthy competition in the market. Ensure a level playing field; achiever allocative efficiency, productive efficiency and dynamic efficiency. In fact, attaining all three of these efficiencies at the same time is goal of the Competition Law. Competition law believes in the premise that the unrestrained interaction of the competitive forces in the market will yield the best allocation of economic resources, lower prices, improve quality and maximum material progress for the citizens (in effect, it aims at creating the ideal free market shorn of cartels and monopolies).
Bonum Lex expertise lies in the review of anti competitive agreements, advice on anti-trust issues arising in Indian jurisdiction, conducting compliance and diligence inquiries, advising on cartel investigations, advising on matters of abuse of dominant position in CCI and CAT, advising clients on business contracts , arrangements, and strategies involving competition law issues.