MCA Notifies February 20, 2024 as Effective Date for Enforcement of Section 33 of Competition (Amendment) Act, 2023
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- Last Updated on 21 February, 2024
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Notification No. S.O. 740(E); Dated: 19.02.2024
The Govt. has notified February 20, 2024 as the effective date for the enforcement of section 33 of the Competition (Amendment) Act, 2023. Section 33 of the Act deals with provisions relating to the power to impose lesser penalties. The CCI may, if satisfied that any producer, seller, distributor, trader or service provider alleged to have violated section 3 has made full and true disclosure and such disclosure is vital, then impose a lesser penalty than that leviable under this Act or rules or regulations made under this Act.
However, a lesser penalty must not be imposed by the CCI in cases where the report of investigation directed u/s 26 has been received before making such disclosure and where the person making the disclosure does not continue to cooperate with the Commission till the completion of the proceedings before the Commission.
Further, the CCI may allow a producer, seller, distributor, trader or service provider included in the cartel to withdraw its application for lesser penalty under this section in such a manner and within such a time as may be specified by regulations.
Click Here To Read The Full Notification
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