Competition Commission of India Current Affairs - 2019
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The Competition Commission of India has approved the deal wherein Samara Capital-backed Witzig Advisory Services and Amazon will acquire Aditya Birla Retail Ltd, which operates a supermarket store chain ‘more’.
As per the deal, 99.99 per cent of the equity share capital of Aditya Birla Retail would be acquired by Witzig and 49 per cent stake buys in Witzig by Amazon’s subsidiary Amazon NV Investment Holdings LLC.
Competition Commission of India
Competition Commission of India is a statutory body established under The Competition Act, 2002. The objectives of the competition commission of are:
- To prevent practices having an adverse effect on competition.
- To promote and sustain competition in markets.
- To protect the interests of consumers.
- To ensure freedom of trade carried on by other participants in markets, in India.
The Competition Act has bestowed following responsibilities on the CCI:
- To prohibit anti-competitive agreements
- To prohibit abuse of dominant position
- To regulate combinations
- Competition advocacy.
The Competition Commission of India comprises of a Chairperson and six members appointed by the Central Government.
Sangeeta Verma, a former Indian Economic Services (IES) officer has joined the Competition Commission of India (CCI) as a member. The order of the Ministry of Corporate Affairs states that the central government has appointed Sangeeta Verma as the member of CCI for a period of 5 years from the date of assumption of charge of the post, or until further orders, whichever is earlier.
The CCI is now at its full strength with Ashok Kumar Gupta as chairperson, Sangeeta Verma, Augustine Peter and UC Nahta as members. In April the union cabinet had reduced the number of members of the competition commission of India from six to three.
Competition Commission of India (CCI)
Competition Commission of India (CCI) aims to create and sustain fair competition in the economy that will provide a ‘level playing field’ to the producers and make the markets work for the welfare of the consumers.
The Competition Commission of India (CCI) was established by the central government in 2003 under the provisions of the competition act 2002. CCI aims to establish a robust competitive environment through:
- Proactive engagement with all stakeholders, including consumers, industry, government and international jurisdictions.
- Being a knowledge-intensive organization with high competence level.
- Professionalism, transparency, resolve and wisdom in enforcement.
The vision of the CCI is “To promote and sustain an enabling competition culture through engagement and enforcement that would inspire businesses to be fair, competitive and innovative; enhance consumer welfare, and support economic growth”.