Press Trust of India / New Delhi Aug 30, 2009, 16:50 IST
Having served the nation for almost four decades, anti-monopoly watchdog, the Monopolies and Restrictive Trade Practices Commission (MRTPC), will cease to exist two years from now as the government has decided to notify section 66 of the Competition Act on September 1.
"The sunset clause (section 66 of the Competition Act) will come into motion from September 1," said Corporate Affairs Minister Salman Khurshid while speaking at a conference organised by industry chamber PHDCCI on Saturday.
Commenting on the decision of the government that will start the countdown for winding up of MRTPC, Diljeet Titus, senior partner of law firm Titus and Co, said, "It was relevant for the period during which it was enacted. It has served its purpose. Today we need one body of codified laws to deal with competition issues."
Senior advocate O P Dua said, "The MRTPC will not be able to take up new cases. It will have two years to resolve the existing disputes, after which cases dealing with monopolies and restrictive trade practices will be transferred to the Competition Commission and those pertaining to unfair trade practices to consumer courts."
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