Cartel - Indian Laws - General

Word Cartel In collins English Dictionary , the meaning of the word Cartel is given as under: cartel I also called: trust, a collusive international association of independent enterprises formed to monopolize production and distribution of a product or service, control prices etc.------------------------ In Webster Comprehensive Dictionary , International Edition, the meaning of the word Cartel is given thus: cartel - An international combination of independent enterprises in the same branch of production, aiming at a monopolistic control of the market by means of weaking or eliminating competition. In Chambers English Dictionary the word Cartel is defined thus: Cartel- A combination of firms for certain purposes especially to keep up prices and kill competition. In Black s Law Dictionary , fifth edition the meaning of the word Cartel is given thus: Cartel- A combination of producers of any product joined together to control its production, sale, and price, and to obtain a monopoly in any particular industry or commodity. Also, an association by agreement of companies or sections of companies having common interests, designed, to prevent extreme or unfair competition and allocate markets, and to promote the interchange of knowledge resulting from scientific and technical research, exchange of patent rights, and standardization of products. In American Jurisprudence 2d Vol. 54 page 677 it is mentioned thus: A cartel is an association by agreement of companies or sections of companies having common interests, designed to prevent extreme or unfair competition and to allocate markets, and perhaps also to exchange scientific or technical knowledge or patent rights and to standardize products, with competition regulated but not eliminated by substituting computational in quality, efficiency, and service for price-cutting. An international cartel arrangement providing for a worldwide division of a market has been held a per se violation of 15 USC S 1. An American corporation violates the Sherman Act by entering into agreements with English and French companies to (1) allocate world trade territories among themselves; (2) fix prices on products of one sold in the territory of the others; (3) co-operate to protect each other s markets and eliminate outside competition; and (4) participate in cartels to restrict imports to and exports from the United States. In a Dictionary of Modern Legal Usage by Bryian A.Gemer, it is noted thus: cartlize to organize into a cartel. See- IZE. Yet cartel has three quite different meanings; (1) an agreement between hostile nations (2) an anticompetitive combination usu. that fixes commercial prices ; and (3) a combination of political groups that work toward common goals. Modern usage favours sense (2). UOI. VERSUS HINDUSTAN DEVELOPMENT CORPN. - 1993 (4) TMI 306 - SUPREME COURT