Question : Competition Commission of India became fully functional in —
(a) May 2000
(b) April 1998
(c) June 1996
(d) None of the above
Answer : (d)
Related facts
- The Competition Commission of India has recently(June 2020) approved the acquisition of certain stakes in 91Streets Media Technologies, Ascent Health and Wellness Solutions, and API Holdings by MacRitchie Investments.
- As per a combination notice filed with the Competition Commission of India (CCI), the proposed transaction is a “financial investment for MacRitchie, which is taking place in ordinary course of business.”
It would provide an opportunity for MacRitchie to invest and participate in the long-term growth of the market for wholesale sale and distribution of drugs in India. - Besides, 91Streets Media Technologies, Ascent Health and Wellness Solutions and API Holding will use this financing to deepen their distribution network across India and build innovative technology-first products to connect the entire ecosystem and give affordable access to healthcare.
Competition Commission of India
- Competition Commission of India is a statutory body of the Government of India responsible for enforcing The Competition Act, 2002 throughout India and to prevent activities that have an appreciable adverse effect on competition in India.
- It was established on 14 October 2003. It became fully functional in May 2009 with Dhanendra Kumar as its first Chairman.
- On 8 February 2013, CCI imposed a penalty of ₹522 million (US$7.3 million) on the Board of Control for Cricket in India (BCCI) for misusing its dominant position.
- On 25 August 2014, CCI imposed a fine of ₹2544 crores on 14 Indian car manufacturers for failure to provide branded spare parts and diagnostic tools to independent repairers, hampering their ability to repair and maintain certain car models. The companies fined were Maruti Suzuki, Mahindra & Mahindra, Tata Motors, Toyota, Honda, Volkswagen, Fiat, Ford, General Motors, Nissan, Hindustan Motors, Mercedes Benz and Skoda.
- In May 2019, the commission ordered an antitrust probe against Google for abusing its dominant position with Android to block market rivals. This probe was ordered on basis of the analysis of a similar case in the EU where Google was found guilty and fined.
By – Pankaj pandey