MCA Notifies March 6, 2024 As Effective Date for Enforcement of Sections 20, 35 and 40 of Competition (Amendment) Act, 2023
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- By Chetan Kulasri
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- Last Updated on 7 March, 2024
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Notification No. S.O. 1065(E); Dated: 05.03.2024
Govt. has notified March 6, 2024 as the effective date for the enforcement of sections 20, 35 & 40 of the Competition (Amendment) Act, 2023. 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.
Further, Sec 35 of the Competition (Amendment) Act deals with the substitution of provisions regarding contravention by the companies and section 40 pertains to provisions concerning the awarding of compensation by the Appellate Tribunal.
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