To enable textile manufacturers to understand the scope of the Competition Law to sustain competitiveness and achieve sustained growth, SIMA conducted an awareness programme titled Competition in Textile Market at its premises.
Sriraj, Joint Director (Law), Southern Regional Office, Competition Commission of India (CCI), Chennai, spoke to the attendees on the work of the Competition Commission of India, according to Dr. S.K. Sundararaman, Chairman of the Southern India Mills’ Association, as per a press release.
In his speech, V. Sriraj outlined the CCI’s function as an expert organisation tasked with eradicating unfair trade practices that fall under the purview of competition law, streamlining compliance procedures, and giving matters top priority in order to guarantee maximum governance and minimum government. He emphasised a number of business-related commercial issues, including as bid-rigging, abusive dominance, mergers and acquisitions, and anti-competitive agreements, and he pledged that CCI will work to the advantage of both buyers and sellers.
He said that abusive and unfair behaviour by dominant players—who have unmatched negotiating strength and the ability to impose terms on other stakeholders—is prohibited and penalised by the Competition Act of 2002. According to his statements, the Competition Commission of India (CCI) will step in if manufacturers form cartels, especially if their pricing methods hurt consumers. Additionally, he declared that CCI would control commercial mergers and acquisitions that aim to unfairly boost profits.
About fifty participants, mostly from Coimbatore, Tiruppur, Erode, Namakkal, etc., attended the awareness programme. In an effort to promote fair trade practices and a level playing field for businesses, CCI is educating textile industry leaders and highlighting situations in which it can step in.
