Which of the following statements is/are true with respect to MRTP Act?
i) The Monopolies and Restrictive Trade Practices Act (MRTP Act) was repealed and replaced by the Competition Act, 2002.
ii) The asset limit for MRTP companies was fixed at Rs. 25 crores by the first/original Monopolies and Restrictive Trade Practices Act (MRTP Act).
iii) The Monopolies and Restrictive Trade Practices Act (MRTP Act) was first passed in 1969.
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. Only i and iii.
The correct statements are:
i) True - The MRTP Act was repealed and replaced by the Competition Act, of 2002.
ii) False - The asset limit for MRTP companies was fixed at Rs. 1 crore, not Rs. 25 crore.
iii) True - The MRTP Act was first passed in 1969 to regulate monopolies and restrictive trade practices.
So, the correct statements are i and iii.