TO BE PUBLISHED IN THE GAZETTE OF INDIA,
EXTRA ORDINARY PART ii, SECTION 3, SUB SECTION (II)
GOVERNMENT OF INDIA
MINISTRY OF CORPORATE AFFAIRS
New Delhi, the 30th May, 2011
SO.___ In exercise of the powers conferred by sub-section (3) of section 1 of the Competiotion Act, 2002 (12 of 2003), the Central Government hereby appoints the 1st day of June, 2011 as the date on which section 44 of the said Act (inserted by section 37 of the Competition (Amendment) Act, 2007 (39 of 2007) shall come into force.
[F. No. 5/4/2003-IGC/CS]
CLR Note: Section 44 of the Competition Act is reproduced below for ready reference:
Penalty for making false statement or omission to furnish material information
44. 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.
The above implies that CCI will be empowered to levy penalties for non compliance of Combination Regulations.