Question
Consider the following statements regarding Section 46
(Lesser Penalty) of the Competition Act, 2002: Statement 1: A cartel member can apply for lesser penalty by disclosing the cartel to CCI. Statement 2: Lesser penalty is available only to the first applicant disclosing the cartel. Statement 3: An applicant for lesser penalty must provide full and true disclosure of cartel details. Statement 4: Lesser penalty entitles the applicant to 100% reduction in penalties. Which statements are correct?Solution
Section 46 allows lesser penalty for cartel membersâStatement 1 is correct. First applicant gets maximum reductionâStatement 2 is correct. Full disclosure is requiredâStatement 3 is correct. Reduction percentages vary (80%, 40%, 30%, 20%)âStatement 4 is incorrect. Statements 1, 2, and 3 are correct.
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