TaxTMI 
TaxTMI 
Competition Commission of India (Determination of Monetary Penalty) Guidelines, 2024
X X X X Extracts X X X X
X X X X Extracts X X X X
....ntion of the provisions 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. "Co....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rs, an amount up to thirty percent of the average relevant turnover or average income, as the case may be, of the enterprise for the purpose of determination of penalty to be imposed 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 a....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ector General's investigation report is received by the Commission. Provided that, in appropriate cases, for the reasons to be recorded in writing, the Commission may consider the relevant turnover of three years preceding the contravention. (4) Turnover or income or relevant turnover or any other financial 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....
X X X X Extracts X X X X
X X X X Extracts X X X X
....48(1) or 48(3) of the Act, as the case may be, which shall not be more than ten percent of the average income of the person for the last three preceding financial years. (2) In determining the percentage of the average income to be considered in a given case, the Commission may have due regard to all or any of the following factors: - a. 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; ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the Act or contravenes sub-section (2A) of Section 6 of the Act or submits information pursuant to an inquiry under sub-section (1) of Section 20 of the Act, which may extend to one percent of the total turnover or assets or the value of transaction referred to in clause (d) of Section 5 of the Act, whichever is higher, of such a combination. (2) The Commission, while determining the amount of penalty to be 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....