Section 44 – The Competition Act, 2002

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.

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CA Bhuvnesh Goyal Partner
CA Bhuvnesh Goyal is a Chartered Accountant with expertise in taxation, finance, and business compliance. He shares practical insights to help readers navigate complex financial matters with ease.