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TMI BlogCompetition Commission of India (Determination of Monetary Penalty) Guidelines, 2024X X X X Extracts X X X X X X X X Extracts X X X X ..... rovisions of the Act, namely:- CHAPTER I PRELIMINARY 1. Short Title and Commencement (1) These guidelines may be called The Competition Commission of India (Determination of Monetary Penalty) Guidelines, 2024. (2) They shall come into force on the date of their publication in the Official Gazette. 2. Definitions (1) In these guidelines, unless the context otherwise requires: a. Act means the Competition Act, 2002 (12 of 2003) ; b. Chartered Accountant means a chartered accountant as defined in Explanation (a) to Section 35 of the Act; c. Commission means the Competition Commission of India established under sub-section (1) of Section 7 of the Act; d. Company means a company as defined in Explanation (a) to Section 48 of the Act; e. Income m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osed on an enterprise under Section 27(b) of the Act: - a. nature and gravity of the contravention; b. nature of the industry or sector affected because of the contravention and its implications on the economy; and/or c. any other factor which the Commission may deem appropriate in the facts and circumstances of each case. (2) The Commission may impose penalty by adjusting the amount so determined in paragraph 3(1) subject to the legal maximum, on each enterprise in terms of turnover or income, as the case may be, having due regard to all or any of the following factors, namely: - a. duration of the contravention and/ or duration of involvement of the enterprise in such contravention; b. role of the enterprise in orchestrating the contraven ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nancial information, as sought by the Commission, shall be based on the audited financial statements of the enterprise furnished by way of a certificate from a statutory auditor of the enterprise, or in his absence by a Chartered Accountant, and supported by an affidavit by a person duly authorised by the enterprise in this regard. (5) In case audited financial statements are not available, turnover or income or relevant turnover or any other financial information, as sought by the Commission, shall be the amount certified by the statutory auditor of the enterprise, or in his absence by a Chartered Accountant, and supported by an affidavit by a person duly authorised by the enterprise in this regard. (6) Where the determination of relevant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . nature and gravity of contravention by the company, for whose conduct such person has been held liable under Section 48 of the Act; b. role, extent and duration of involvement of such person in the contravening conduct; c. extent of cooperation by the person during the Director General s investigation or the Commission s proceedings; d. repeated contravention; e. furnishing of cogent evidence showing that his or her involvement in the contravention was substantially limited; and/ or f. any other factor which the Commission may deem appropriate in the facts and circumstances of each case. (3) For determining the average income of the person, the gross total income as per the income tax returns filed under the Income Tax Act, 1961 and rules ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imposed under Section 43A of the Act, may have due regard to all or any of the following factors, namely: - a. consummation or part consummation of combination without giving notice; b. violation of standstill obligations (substantive or procedural) prior to or after filing notice with the Commission under Section 6(2A) of the Act; c. non-furnishing of information during an inquiry under Section 20(1) of the Act; d. voluntary filing of notice with the Commission; e. conduct of the parties including making voluntary disclosures, cooperation during the inquiry, furnishing all requisite material or documents in response to the information sought by the Commission; and/ or f. any other factor which the Commission may deem appropriate in the fac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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