Section 44 - Penalty for making false statement or omission to furnish mate­rial information - Competition Act, 2002

Penalty for making false statement or omission to furnish mate rial information. 44. If any person, being a party to a combination, ( a ) makes a statement which is false in any material par ticular, or knowing it to be false; or ( b ) omits to state any material particular knowing it to be material, such person shall be liable to a penalty which shall not be less than rupees fifty lakhs but which may extend to 1 [ rupees five crore ] , as may be determined by the Commission. **************** NOTES:- 1 . Substituted vide Competition (Amendment) Act, 2023 dated 11-04-2023 w.e.f. 18-05-20203 before it was read as, rupees one crore