We have understood the concepts and some important definition under the Competition Act, 2002. As we have considered the charging provisions of Sections 3 and 4, we have learned that the main object of the act is to promote competition and restrict any activities by any entity or group of entities to restrict competition in the market.
Construction industry is one of the most profitable industries in our country. Its play a vital role in development of infrastructure, which is the most essential for development of our country. The government of India has given various concessions in to this industry in taxation matters.
The last decades have been one of the most important decades in human history. In these decades the internet and World Wide Web has been invented. The internet and www are the two boon of the modern humanity. They became essential part of every one’s life.
In my earlier article we have understood the basics of the Competition Act, 2002. In this article we are going to understand provisions of Section 4 of the Competition Act, 2002, which deals with the Dominant Enterprises, Dominance and abuse of dominant position the act.
Every law promulgated by any legislature is based on certain reason, belief and welfare of the society. The laws will provide us social security from exploitations, whether it will be physical or social. For development of a society and economy it is essential that there should be free competition among players. Every player in the market will get adequate space and time to participate and put their products or services before the people.
Section 92 of the Companies Act, 2013 ( as enforced and amended) provides that every company shall prepare a return (hereinafter called as Annual return) in the prescribed form containing particulars as they stood at the end of financial year. Section 92(3) of the Companies Act, 2013 provides that an Extract of the Annual Return in such form as may be prescribed shall be part of Board’s Report.
As we have discussed in my earlier article, Specific Relief Act, 1963 provides relief in case of Primary Right. Suppose in a case Court order for payment of compensation for damages not Specific Performance of breach of contract. The compensation in this case is Secondary Right of the plaintiff. But if Court Order for specific performance of the contract, then it is enforcement of Primary Right.
In various cases it was decided that the Hire Purchase is taxable under state VAT and CST even though the hirer is not the owner of the goods during the tenure of the Hire Purchase Agreement. The financing company will be the owner of the goods under consideration till fulfillment of all conditions of Hire Purchase Agreement.
Specific Relief Act, 1963 is an act to provide specific Relief in deserving cases. It extend whole of India except in the state of Jammu & Kashmir. The act came into force on 1st March, 1964. In Civil Law, legal remedies are for enforcing primary rights or for enforcing secondary rights. When there is a breach of contract, if the court orders specific performance in favor of innocent party, this is in nature of enforcement of a primary rights.
To acquire any such shares , stocks, debenture, debenture stock, bonds, obligation or securities by original subscription, exchange or otherwise and to subscribe for the same either conditionally or otherwise, to guarantee the subscription thereof issued or guaranteed by any government, state, public body, or authority, firm, body corporate or any other entity or persons in India or elsewhere
