Unfair Trade Practices In India In Orange
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Hence, if a foreigner has to institute a complaint, he must satisfy the mandate of S. 34 (2). It is pertinent to note that the type of commission before whom the consumer complaint could be instituted would also depend upon their respective pecuniary jurisdiction.
The term “unfair trade practice” describes the use of deceptive, fraudulent, or unethical methods to gain business advantage or to cause injury to a consumer. Unfair trade practices are considered unlawful under the Consumer Protection Act.
--If any person indulges in fraudulent and unfair trade practices relating to securities, he shall be liable to a penalty 2which shall not be less than five lakh rupees but which may extend to twenty-five crore rupees or three times the amount of profits made out of such practices, whichever is higher.
--If any person indulges in fraudulent and unfair trade practices relating to securities, he shall be liable to a penalty 2which shall not be less than five lakh rupees but which may extend to twenty-five crore rupees or three times the amount of profits made out of such practices, whichever is higher.
Consumers can register online their grievances through this portal. This portal is an alternate dispute redressal mechanism at pre-litigation level. In case, the consumer is not satisfied, he/she can approach the appropriate Consumer Commission.
Types of Unfair Trade Practices ① Refusal to Deal. ② Discriminatory Treatment. ③ Exclusion of a Competitor. ④ Unfair Solicitation of Customers. ⑤ Coercion of Transaction. ⑥ Abuse of Superior Bargaining Position. ⑦ Imposing Binding Conditional Trade. ⑧ Obstruction of Business Activities.
The Act prohibits anti-competitive agreements, abuse of dominant position by enterprises, and regulates combinations (mergers, amalgamations and acquisitions) with a view to ensure that there is no adverse effect on competition in India.
Right to seek redressal is defined a the right to seek compensation due to damage caused by unfair trade practices and exploitation. The compensation awarded depends on the degree of damage. Consumers have the right to get their claims settled in their favor in case of being cheated and exploited by the producers.
