Section 30 - Substitution of new section for section 43A - Competition (Amendment) Act, 2023

Substitution of new section for section 43A 30 . For section 43A of the principal Act, the following section shall be substituted, namely: Power to impose penalty for nonfurnishing of information on combination 43A. If any person or enterprise fails to give notice to the Commission under sub-section (2) or sub-section (4) of section 6 or contravenes sub-section (2A) of section 6 or submit information pursuant to an inquiry under sub-section (1) of section 20, the Commission may impose on such person or enterprise, a penalty which may extend to one per cent., of the total turnover or assets or the value of transaction referred to in clause (d) of section 5, whichever is higher, of such a combination: Provided that in case any person or enterprise has given a notice under sub-section (4) of section 6 and such notice is found to be void ab initio under sub-section (6) of section 6, then a notice under sub-section (2) of section 6 may be given by the acquirer or parties to the combination, as may be applicable, within a period of thirty days of the order of the Commission under sub-section (6) of that section and no action under this section shall be taken by the Commission till the expiry of such period of thirty days. . **************** NOTES:- 1. Shall come into force w.e.f. 10th day of September, 2024 vide Notification No. S.O. 3846(E) dated 09-09-2024