Key Points
India can now levy fine on 'global turnover' of companies abusing power..
The move could have bearings on foreign enterprises operating in India and Indian enterprises with a global presence..
A new provision in the Competition Law pushes for penalty on 'global turnover' for anti-competitive conduct or abuse of power by enterprises, the ministry of corporate affairs said in a notification on Wednesday...
This implies the CCI will have the power to impose penalty on the turnover of a company derived from all products and services across the table...
Levy of penalties on global turnover basis could be a big cause of concern for multinational companies operating in multiple jurisdictions globally..
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