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 43A 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 43A of the Competition Act is reproduced below for ready reference:
43A. Power to impose penalty for non-furnishing of information on combinations.- If any person or enterprise who fails to give notice to the Commission under sub-section(2) of section 6, the Commission shall impose on such person or enterprise a penalty which may extend to one per cent. of the total turnover or the assets, whichever is higher, of such a combination.
The above implies that CCI will be empowered to levy penalties for non compliance of Combination Regulations.