Govt is bound to ensure fair competition: CJI J S Khehar
The government is bound to ensure fundamental principle of fair competition is followed and its benefits are extended to all, Chief Justice of India (CJI) J S Khehar on Saturday said. The CJI, who was delivering Vth Competition Commission of India (CCI) Annual Day lecture here, said the colonial British rule "wiped out" fair trade competition and the state of Indian textile industry then was an example of unfair practice.
"Every government is bound to ensure full fundamental principles of competition. The extension of its benefits to all as per constitutional principle. It is the duty of the governing political party. "This has to be done without infringing basic fundamental and constitutional benefits," Justice Khehar said.
Referring to various Supreme Court judgements in cases like SEBI-Sahara, BCCI, Unitech and T N Godavarman which dealt with investors' money, functions of cricket body, home buyers' rights and illegal mining respectively he said, "they show that constitutional remedies are available".
Speaking about the evolution of law on fair competition and monopoly in trade practise in the country, the CJI said, the 2002 Competition Act gives wider power to the CCI to ensure fair trade competition and freedom of trade.
Referring to the norms governing the CCI, the CJI said it has "extra-territorial jurisdiction" and can be termed as "global watchdog of international transactions" as it has wide power to regulate such deals if they violate the law.