Act Number: 12

Act Name: The Competition Act, 2002

Year: 2003

Enactment Date: 2003-01-13

Long Title: An Act to provide, keeping in view of the economic development of the country, for the establishment of a Commission to prevent practices having adverse effect on competition, to promote and sustain competition in markets, to protect the interests of consumers and to ensure freedom of trade carried on by other participants in markets, in India, and for matters connected therewith or incidental thereto.

Ministry: Ministry of Corporate Affairs

Department:

Section 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.
Previous Section Next Section
Scroll to Top