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    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?
    A Statements 1, 2, and 3 only Correct Answer Incorrect Answer
    B Statements 1, 3, and 4 only Correct Answer Incorrect Answer
    C Statements 2 and 3 only Correct Answer Incorrect Answer
    D Statements 1 and 2 only Correct Answer Incorrect Answer
    E All statements are correct Correct Answer Incorrect Answer

    Solution

    Section 46 allows lesser penalty for cartel members—Statement 1 is correct. First applicant gets maximum reduction—Statement 2 is correct. Full disclosure is required—Statement 3 is correct. Reduction percentages vary (80%, 40%, 30%, 20%)—Statement 4 is incorrect. Statements 1, 2, and 3 are correct.

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