GENERAL KNOWLEDGE

Detailed explanation-1: -[27th December, 1969. An Act to provide that the operation of the economic system does not result in the concentration of economic power to the common detriment, for the control of monopolies, for the prohibition of monopolistic and restrictive trade practices and for matters connected therewith or incidental thereto.

Detailed explanation-2: -Researcher’s Critical Assessment of the MRTP, Act, 1969. Vague and ambiguous law – Section 2(o) of the MRTP Act defined the term ‘restrictive trade practices’ which covered any activity that prevented, distorted or restricted competition.

Detailed explanation-3: -Aims & Objectives of MRTP Act On the basis of recommendation of Dutt Committee, MRTP Act was enacted in 1969 to ensure that concentration of economic power in hands of few rich. The act was there to prohibit monopolistic and restrictive trade practices. It extended to all of India except Jammu & Kashmir.