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Legal Central Ministry of Consumer Affairs, Food and Public Distribution Competition Act, 2002

Ministry of Corporate Affairs has notified the effective date for the enforcement of sections 20, 35 and 40 of the Competition (Amendment) Act, 2023

05-Mar-2024 | S.O. 1065(E).

Ministry of Corporate Affairs has notified March 6, 2024 as the effective date for the enforcement of sections 20, 35 and 40 of the Competition (Amendment) Act, 2023.

Key Highlights are:
1. Section 20 of the Competition (Amendment) Act deals with provisions relating to the amendment of orders by the CCI after an inquiry into agreements or abuse of dominant position. It states that where, after an inquiry, the CCI finds that any anti-competitive agreement or action of an enterprise in a dominant position, it may impose a penalty not exceeding 10% of the average of the turnover or income for the last three preceding FYs upon each person or enterprise that is a party to such agreement or has abused its dominant position.
2. Section 35 of the Competition (Amendment) Act deals with the substitution of provisions regarding contravention by the companies.
3. Section 40 pertains to provisions concerning the awarding of compensation by the Appellate Tribunal.

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