Competition Commission of India

The Competition Commission of India, as the name constitutes, refers to and regulates healthy competition in the country. It is a legal government authority in India to monitor the markets and functioning of the markets. The Competition Commission of India(CCI) was initiated and established during the early 2000s following an Act. The Act that carried the authority to the stage was the Competition Act, passed in 2002. The body governs and ensures the objectives of the Competition Act. In 2003, the National Company Law Tribunal was established as a part of the judicial body. 

Competition Commission of India

The Competition Commission of India(CCI) took its course of action in March 2009. It was established under the Competition Act passed in 2002. The body is responsible for regulating and monitoring the competition in the country at the Economic level. Competition meaning is nothing but the race between the organisations to achieve a valid place in the Economy of the Nation. 

Composition of CCI (CCI)

The Competition Commission of India comprises only a limited number of team members. They act as full-time workers of the organisation. The central government appoints the members of the body. 

The team includes:

• Chairperson
• Team members – two to six persons

The person who wishes to work in the team must be completely thorough with the areas related to the field. The areas of familiarity include,

• Economics
• Finance
• Law
• Commerce
• Business
• Trades
• Industry
• Management
• Public affairs
• Accounts 
• Fair Competitions
• Laws and policies 

Significance of Competition Commission of India

The legal body set the seal on the following objectives.

Remove anti-competitive actions  

• The body makes sure that no organisation takes part in any anti-competitive actions or acts out of sheer bad intentions towards another organisation.
• It eliminates and retains the adverse effects caused due to such anti-competitive nature.

Resolve competition mess

• It is opinionated on any competition-related laws or issues.
• It has the responsibility of spreading awareness about the competition, meaning a fair game in the Indian economy market.

Remove exercising dominance

• The CCI ensures that no well-grown companies exercise their dominance over the growing or start-up companies or industries.
• Despite their market level, all the company deserves the opportunity for fair growth.

Ensure healthy competition

• Any organisation or institution competing in the market should be legal in the country.
• The body entertains no evil practices against one another. 
• It helps in the reasonable growth of the Nation. 

Practice competitions 

• The body plays to make sure that the companies make the most out of the available resources for their growth. 
• They ensure practices of and awareness about fair competition in the country.

Consumer welfare

• It ensures the fair benefit of customers through healthy competition between the companies in the Indian market.

Small industries helper

• They make sure that the small and start-up industries grow well without any influence from high-level market companies.
• The CCI helps them safeguard themselves from such influences. 
• They ensure the functioning of domestic industries.
• They provide freedom for every company to nurture and cherish. 

National Company Law Tribunal

The National Company Law Tribunal has played its role since 2016, according to the Companies Act passed in 2013. The body was set up after 4 years of passing the Act under the guidance of the Eradi Committee. The Eradi Committee dealt with the insolvency and liquidation of the companies. NCLT has set up eleven centres for the governance of company issues. 

Composition of NCLT

The National Company Law Tribunal team holds the following members elected by the Central government of India. 

• The President of the body 
• The legal team members
• The technical members of the team 

Age limit for the members of NCLT

• President – has an employment age limit of sixty-seven years.
• Team members – have an employment limit of sixty-five years. 

They have a work period of five years from the appointment. 

Functioning

• The National Company Law Tribunal has the power to exercise a penalty when the companies overrule the elements under the Companies Act, 2013. 
• It can pass orders or review its orders relating to the company’s issues. 
• The cases include the following categories: Resolving issues as arbitrators, Compromising the issue causes companies, making Arrangements and reconstructions, and Liquidating the company.
• It governs the registration of the companies and share transfers.
• It monitors the deposits of the companies, which the Company Law Board previously governed under the Chapter V of the Act.
• It can freeze and record the assets of a company.
• Converting a company from public to private limited requires the acceptance and approval of the NCLT.

Conclusion 

The Competition Commission of India started its course in March 2009 under the enactment of the Competition Act in 2002. The Act and the legal body of CCI ensure healthy competition between the companies for the betterment of the Economy of the Nation.

Healthy competition meaning is racing towards their objectives and profits without undermining or making other companies compliant with the power. The body monitors the absence of exerting dominance and anti-competitive actions. It ensures the freedom of any company, even the domestic industries, to nurture and cherish their product value. The National Company Law Tribunal regulates and monitors the companies’ laws, insolvency, and liquidation.