Section 20 - Amendment of section 27 - Competition (Amendment) Act, 2023

Amendment of section 27. 20 . In section 27 of the principal Act, for clause (b), the following clause shall be substituted, namely: '(b) impose such penalty, as it may deem fit which shall be not more than ten per cent. of the average of the turnover or income, as the case may be, for the last three preceding financial years, upon each of such person or enterprise which is a party to such agreement or has abused its dominant position: Provided that in case any agreement referred to in section 3 has been entered into by a cartel, the Commission may impose upon each producer, seller, distributor, trader or service provider included in that cartel, a penalty of up to three times of its profit for each year of the continuance of such agreement or ten per cent. of its turnover or income, as the case may be, for each year of the continuance of such agreement, whichever is higher. Explanation 1 . For the purposes of this clause, the expression turnover or income , as the case may be, shall be determined in such manner as may be specified by regulations. Explanation 2 . For the purposes of this clause, turnover means global turnover derived from all the products and services by a person or an enterprise.'. *********** Notes:- 1. Come into the force w.e.f. 06-03-2024 vide Notification No. S.O. 1065(E) dated 05-03-2024