NEW DELHI, OCT 17: Law and company affairs minister, Ram Jethmalani has strongly favoured dilution of powers of the Monopolies and Restrictive Trade Practices commission (MRTPC) saying customers’ interests are best protected through competition in a market-oriented economy.
"MRTPC’s powers should be relaxed and not strengthened,except for its duty to protect innocent investors from a fraud or illegality committed by companies," he said.
Asked if the country needed a stronger MRTPC and an effective competition law to guard against takeovers and acquisitions, he said corporate frauds were a bigger threat to individual investors than the danger of takeovers. The country needed strict law to punish such companies.