‘Competition’ means an activity or condition of striving to gain or win something by defeating or establishing superiority over others. It is an event or contest in which people take part in order to establish superiority or supremacy in a particular area. It involves persons or people over whom one is attempting to establish one’s supremacy or superiority. By competition, the best talents of a person comes out of him and in the process, he achieves more perfection in the products he brings out to the society.
In commerce, competition among traders bring out the ‘best quality’ products for low prices. Besides, variety of products become available in the market for the people to choose from them. However, some unscrupulous business persons, corporates and others enter into anti-competition agreements, abuse their dominant positions and create appreciable adverse effect in competition.
To avoid such anti competitive acts, the Competition Act, 2002, was enacted by the Indian Parliament. This enactment of the Act was a result of the Sherman Anti Trust Act, 1890, the Clayton Act, 1914, the Federal Trade Commission Act, 1914 and the UK Competition Act, 1998.
This book on ‘Competition Law’ has been prepared in simple and lucid language so that even a layman can easily understand and grasp the subject matter. While the full university syllabus of Competition Law is covered, to fulfill the examination requirements of students, the answers for the previous year university questions including problems have been answered.
We do hope that this new edition on Competition Law will be extremely useful to all Law Students, Advocates and Others.