The Ministry of Corporate Affairs notified amendments in competition laws allowing the Competition Commission of India (CCI) to impose penalty on the global turnover of a company.
National
The Ministry of Corporate Affairs notified amendments in competition laws allowing the Competition Commission of India (CCI) to impose penalty on the global turnover of a company. In exercise of the powers conferred by sub-section (2) of section 1 of the Competition (Amendment) Act, 2023 (9 of 2023), the Central Government hereby appoints the 6th day of March, 2024 as the date on which the provisions of sections 20, 35 and 40 of the said Act shall come into force. It empowers CCI to impose a penalty on the global turnover of a company derived from all the products and services, and not just on turnover derived from the product under investigation. CCI will calculate the penalty which can be up to 30% of the average relevant turnover or income, subject to the legal maximum.
Earlier, CCI could levy a penalty only on the sales of the particular business segment that was in question.
Ministry of Corporate Affairs
The Department of Company Affairs was first constituted in 1950s.
Minister of State- Rao Inderjit Singh
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