MCA notifies leniency plus regime to crack down Cartels [Read Notification]

The Ministry of Corporate Affairs (MCA) has notified Section 33 of the Competition Amendment Act 2023, applicable with effect from 20th February 2024. [Read Notification] The Competition Commission of India has notified “THE COMPETITION COMMISSION OF INDIA (LESSER PENALTY) REGULATIONS, 2024” vide notification no. 02 2024 dated 20th February 2024.

MCA notifies section 33 of the Competition Amendment Act 2023

These notifications aim to introduce a leniency-plus regime under the Competition (Amendment) Act 2023 in a move that will incentivize companies already under investigation for one cartel to report other cartels.

Information to be given by Cartels for Lesser Penalty or Lesser Penalty Plus:

(a) cease to have further participation in the cartel from the time of its disclosure unless otherwise directed by the Commission;

(b) provide vital disclosure in respect of alleged contravention of the provisions of section 3 of the Act;

(c) provide all relevant information, documents and evidence as may be required by the Commission;

(d) co-operate genuinely, fully, continuously and expeditiously throughout the investigation and other proceedings before the Commission;

(e) not conceal, destroy, manipulate or remove the relevant documents in any manner that may contribute to the establishment of a cartel; and

(f) not give any false evidence or omit to submit any material information knowing it to be material.

Read Notification given below to get Complete details