Kumar said that the CCI has settled 40 out of the 150 cases received since its inception in March 2009, with far-reaching implications for business, industry and the film world. As many as 50 cases were transferred to CCI from the scrapped MRTP Act and the maximum number of cases were from the film and entertainment industry, followed by real estate sector, civil aviation, cement, steel, ministry of petroleum, sugar etc. Investigation is still on for the onion price rise case for which we took suo motu notice. We had to issue stay orders for about 15 films which were being prevented from getting released.
The intervention finally helped in release of the film, he said.
The CCI chairman said the CCI had begun to enforce provisions of Section 3 (relating to anti-competitive agreements) and Section 4 (abuse of dominant position) of the Competition (Amendment) Act, 2007. Sections 5 and 6 that are to do with combination/acquisition/merger are to be notified soon and cases will start pouring related to merger and acquisitions being done to eliminate competition. The penalty under the Act can go upto three times of the annual profit or 10% of the turnover, whichever is higher. It definitely has more teeth than the MRTP Act.
Kumar said that the Commission is now fully geared to play its stipulated role as an effective instrument in accelerating economic growth through the various spin off effects of competition in the economy and ensuring that the markets work for the benefit of the common man.