MRTPC powers need dilution8217;

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 customers8217; interests are best protected through competition in a market-oriented economy.

quot;MRTPC8217;s powers should be relaxed and not strengthened,except for its duty to protect innocent investors from a fraud or illegality committed by companies,quot; 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.