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Consider the following statements regarding the Competition Commission of India (CCI):
- It is a statutory body of the Government of India established under the Competition Act, 2002.
- It has the composition of a quasi-judicial body whose members are appointed by the Central Government.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Consider the following statements regarding the Competition Commission...
The correct answer is option 'C': Both 1 and 2.
The Competition Commission of India (CCI) is a statutory body of the Government of India established under the Competition Act, 2002. It is responsible for promoting fair competition in the Indian market and preventing anti-competitive practices.
Statement 1: It is a statutory body of the Government of India established under the Competition Act, 2002.
- This statement is correct. The Competition Commission of India is a statutory body, which means it has been established by an act of Parliament and derives its powers and functions from the Competition Act, 2002. The Act provides the legal framework for the CCI to regulate and promote competition in the Indian market.
Statement 2: It has the composition of a quasi-judicial body whose members are appointed by the Central Government.
- This statement is also correct. The CCI is a quasi-judicial body, which means it has the authority to make decisions and judgments similar to a court but is not a full-fledged judicial body. The members of the CCI are appointed by the Central Government. The Commission consists of a Chairperson and not less than two and not more than six other members. These members are chosen based on their qualifications and experience in the field of economics, law, business, or competition matters.
The CCI's quasi-judicial nature allows it to conduct inquiries, investigations, and adjudicatory proceedings related to anti-competitive practices, abuse of dominant position, and combinations (mergers and acquisitions) that may have an adverse effect on competition in the market. It has the power to impose penalties, issue cease and desist orders, and take other remedial actions to ensure fair competition in various sectors of the Indian economy.
In conclusion, both statements are correct. The Competition Commission of India is a statutory body established under the Competition Act, 2002, and it functions as a quasi-judicial body with members appointed by the Central Government.
The Competition Commission of India (CCI) is a statutory body of the Government of India established under the Competition Act, 2002. It is responsible for promoting fair competition in the Indian market and preventing anti-competitive practices.
Statement 1: It is a statutory body of the Government of India established under the Competition Act, 2002.
- This statement is correct. The Competition Commission of India is a statutory body, which means it has been established by an act of Parliament and derives its powers and functions from the Competition Act, 2002. The Act provides the legal framework for the CCI to regulate and promote competition in the Indian market.
Statement 2: It has the composition of a quasi-judicial body whose members are appointed by the Central Government.
- This statement is also correct. The CCI is a quasi-judicial body, which means it has the authority to make decisions and judgments similar to a court but is not a full-fledged judicial body. The members of the CCI are appointed by the Central Government. The Commission consists of a Chairperson and not less than two and not more than six other members. These members are chosen based on their qualifications and experience in the field of economics, law, business, or competition matters.
The CCI's quasi-judicial nature allows it to conduct inquiries, investigations, and adjudicatory proceedings related to anti-competitive practices, abuse of dominant position, and combinations (mergers and acquisitions) that may have an adverse effect on competition in the market. It has the power to impose penalties, issue cease and desist orders, and take other remedial actions to ensure fair competition in various sectors of the Indian economy.
In conclusion, both statements are correct. The Competition Commission of India is a statutory body established under the Competition Act, 2002, and it functions as a quasi-judicial body with members appointed by the Central Government.
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Consider the following statements regarding the Competition Commission of India (CCI): It is a statutory body of the Government of India established under the Competition Act, 2002. It has the composition of aquasi-judicial body whose members are appointed by the Central Government.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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