Quick Summary
The Ministry of Corporate Affairs (MCA) has taken a significant step towards fortifying competitive practices in the business landscape with the enforcement of amendments to the Competition Act, 2023. Through Notification No. S.O. 1065(E), dated March 05, 2024, the MCA has designated March 6, 2024, as the effective date for the implementation of crucial provisions outlined in sections 20, 35, and 40 of the Competition (Amendment) Act, 2023. These amendments signal a paradigm shift in the
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FAQ :
The amendments to the Competition Act, 2023, are enforced from March 6, 2024.
Offenders can now face fines of up to 10% of their average turnover or income from the last three preceding financial years. For cartels, penalties can be up to three times the profit or 10% of turnover for each year of continuance, whichever is higher.
Sections 20, 35, and 40 of the Competition (Amendment) Act, 2023, are among the crucial provisions being enforced.
If a company contravenes the Act, every person in charge of and responsible for the company's business at the time of contravention, as well as the company itself, can be held liable. Directors or officers may also be liable if the contravention occurred with their consent, connivance, or neglect.
Yes, the amendments introduce new sections (48A and 48B) that allow enterprises to apply for settlement of proceedings or offer commitments regarding alleged contraventions.
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