CCI to recover penalties imposed on companies

CCI to recover penalties imposed on companies

The Ministry of Corporate Affairs has said it will take 'suitable and appropriate' steps to recover penalties from such parties that have not paid the penalties imposed by the CCI on them under Competition Act, 2002.

“Competition Commission of India (CCI) has decided to take 'suitable and appropriate' steps to recover penalties from such parties that have not paid the penalties imposed by the Commission on them under Competition Act, 2002”,' the MCA said in a statement.

In this connection, CCI has released a list of the cases wherein penalties have not been paid despite there being no appeal filed or appeal having been dismissed.

The statement further says that CCI has the power to initiate prosecution under Section 42(3) of the Competition Act for not complying with the orders of the Commission and follow-up reference to income tax department could be made for action on recovery certificates already issued to these entities.