The amount of penalty for making a false statement to the “Competition Commission” by a person who is a party to a combination shall be between:

Correct option is B

According to Section 44 of the Competition Act, 2002, if any person, being a party to a combination, makes a statement which is false in any material particular, or knowing it to be false, or omits to state any material particular knowing it to be material, such person shall be liable to a penalty which shall not be less than ₹50 lakhs but which may extend to ₹5 crore, as may be determined by the Commission.

Information Booster:

1. Section 44 of the Competition Act, 2002 specifies penalties for parties to a combination who provide false statements or omit material information.

2. The minimum penalty is ₹50 lakhs, and the maximum can extend up to ₹5 crore.

3. The exact penalty amount is determined by the Competition Commission of India (CCI) based on the specifics of the case.

4. This provision aims to ensure transparency and honesty in disclosures related to combinations.

5. Accurate and complete information is crucial for the CCI to assess the impact of combinations on market competition.

6. Non-compliance can lead to significant financial penalties, emphasizing the importance of adherence to the Act's provisions.

Additional Information:

1. Option (a): ₹20 lakhs to ₹50 lakhs

   This range is below the minimum penalty prescribed by Section 44 of the Competition Act, 2002. The Act mandates a minimum penalty of ₹50 lakhs for false statements or omissions by parties to a combination.

2. Option (c): ₹8 lakhs to ₹10 lakhs

   This range is also below the minimum penalty specified in the Act. Penalties for such offenses are set to ensure they serve as a deterrent against providing false information.

3. Option (d): ₹70 lakhs to ₹1 crore

   While this range falls within the penalty spectrum outlined in Section 44, it doesn't encompass the full range. The Act allows for penalties from ₹50 lakhs up to ₹5 crore, providing the CCI with discretion to impose penalties based on case specifics.