Key Points
Fair trade regulator Competition Commission can now impose penalties on companies based on their global turnover for violations, with the government notifying the amended competition norms..
Till now, the Competition Commission of India (CCI) has been deciding penalties on the basis of a company's turnover from a particular business segment where violations have been found...
Vaibhav Choukse, Partner and Head of Competition Lawa at JSA Advocates and Solicitors, said the amendment empowers the CCI to impose a penalty on the global turnover of a company derived from all the products and services...
You might be interested in
Ministry of Corporate Affairs notifies guidelines for CCI to impose penalty based on global turnover
06, Mar, 24“…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,” MCA said in a notification.
LS clears competition Bill: Penalties to be on global turnover; no ‘settlement’ for cartels
30, Mar, 23The rate of penalty will continue to be subject to the upper limit 10% of the global turnover or three times the profits of the companies for the last three preceding financial years.
CCI's powers to penalise on global turnover basis to deter anti-competitive ways
10, Mar, 24The competition law provision of imposing penalties based on global turnover will act as a deterrent to violations, encourage commitments and settlements, and help in corrective measures. The Competition Commission of India now has the power to impose such penalties, impacting companies with multi-products or multi-services and cases related to digital markets.
Antitrust body CCI can now levy fines on global turnover of companies
06, Mar, 24The CCI will be able to impose penalties on a company's total revenue generated from its entire range of products and services, regardless of where they are sold.