Question

The Competition Act, 2002, was passed by replacing which Act?

• A. The Companies Act, 1956
• B. The Estate Duty Act, 1953
• C. The MRTP Act, 1969
• D. The Wealth Tax Act, 1957

Hint:

When studying competition law, focus on the differences between the MRTP Act and the Competition Act, particularly regarding their approach to market regulation.

Answer 1

The Correct Option is C

The Competition Act, 2002 was passed to replace the MRTP Act, 1969. The MRTP Act was initially established to regulate monopolistic practices and restrict trade practices. The Competition Act, 2002 was later enacted to promote competition and prevent anti-competitive practices in India.