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Govt notifies provision to let CCI impose penalty on firm’s global turnover
The amendments empowers CCI to impose a penalty on the global turnover of a company derived from all products and services, and not just on turnover derived from the product under investigation The government on Wednesday notified amendments in competition laws allowing the Competition Commission of India (CCI) to impose penalty on the global turnover of a company. Earlier, CCI could levy a penalty only on the sales of the particular business segment that was in question. “This will aid the CCI in having consistency in determining penalties and bring transparency and certainty to its decision-making process. This will also bring a lot of certainty to the stakeholders as it will ensure multiple checks on the penalty from being disproportionate and also assist is risk assessment at the outset,” Choukse said. Source - Hindustan Times
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