New Delhi, May 22 (KNN) Fair relationship between the manufacturer-supplier on one hand and the consumer on the other is possible only if the stream of supply and demand remains unpolluted, said Justice Jagdish Singh Khehar, Chief Justice of India.
He was addressing the 8th Annual Day Celebrations of Competition Commission of India (CCI) on Saturday evening. Justice Khehar delivered the Lecture on “Emerging Jurisdiction of Competition Law: How will it serve the business community in India, and India’s Trade Policy.”He said Economic policy and management must enable achievement of constitutional social order and every government is bound to ensure the twin fundamental principles of competition i.e. ownership and control of resources and an economic system that does not work towards detriment of common good.
He talked about the evolution of competition law reflecting replacement of an administered economy withthe globalised and liberalised markets. He further stated that the Competition Act, 2002 replaced the control regimeof MRTP Act, 1969 by encouraging competition, not on any dogmatic basis or the per se rule, but based on rule of reason.
Justice Khehar cited an earlier judgement of Supreme Court, wherein it was held that the Commission is vested with “inquisitorial, investigative, regulatory, adjudicatory and advisory jurisdiction”.
He further stated that fair relationship between the manufacturer-supplier on one hand and the consumer on the other is possible only if the stream of supply and demand remains unpolluted.
The Commission is a necessity to prevent, control and abate such pollution. Justice Khehar concluded by saying that the young Competition Commission of India is on a noble national mission in terms of its vision and mission. (Watch Full Video)