Competition Act, 2002 : Penalty for making false statement or omission to furnish

Competition Act, 2002,2003

Act No : 12

Section : Penalty for making false statement or omission to furnish materialinformation.

44. Penalty for making false statement or omission to furnish material information.-If any person, being a party to a combination,- (a) makes a statement which is false in any material particular, or knowing it to be false; or (b) omits to state any material particular knowing it to be material, such person shall be liable to a penalty which shall not be less than rupees fifty lakhs but which may extend to rupees one crore, as may be determined by the Commission.