"Anti-trust laws world over believe that the free trade benefits the economy and at the same time, the legislations are formulated to forbid several types of restraints of trade and monopolisation". Justify the statement

In India, antitrust law was formulated in the name of Monopolies and Restrictive Trade Practices Act, 1969 that has been subsumed to the Competition Act, 2002. Section 6 of the Competition Act, 2002 prohibits any person or enterprise from entering into a combination which causes or is likely to cause an appreciable adverse effect on competition within the relevant market in India and if such a combination is formed, it shall be void. Section 6(2) of Competition Act, 2002 envisages that any person or enterprise, who or which proposes to enter into any combination, shall give a notice to the Commission disclosing details of the proposed combination in the form prescribed together with prescribed fee within 30 days of (a) approval of merger or Amalgamation referred to in Section 5(c) by the Board of Directors or (b) execution of any agreement or document for acquisition and Commission can deal it to investigate through Director General. Competition Act, 2002 is enacted with a view to promote the economic development of the country, to prevent practices having adverse effect on competition, to promote and sustain competition in markets, to protect the interest of consumers and to ensure freedom of trade carried on by other participants in market in India.