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The stakeholders wished the imposition of penalty “to be primarily based on related turnover/related revenue consistent with Excel Crop judgment” of the Supreme Court docket, the regulator mentioned in a “common assertion”.
The CCI issued the assertion after it notified on Wednesday its new rules, shifting on from the sooner regime of pegging the utmost penalty to a agency’s turnover within the related market the place the abuse of legislation has taken place.
The assertion dated March 6 accommodates the regulator’s tackle the inputs submitted by 25 stakeholders on the draft Turnover or Earnings Rules, 2023. The CCI had positioned the draft on its web site for public feedback between December 22 and January 25.
The assertion additionally mentioned the stakeholders had sought exclusion of intra-group gross sales, “different earnings” and export turnover of a agency whereas calculating penalty. The regulator has now excluded intra-group gross sales and different earnings nevertheless it didn’t supply any reduction on the demand to maintain exports out of the calculations. The most recent transfer is seen as boosting the regulator’s possibilities of curbing antitrust actions involving multinational corporations, together with the Massive Tech, as the utmost penalty quantity could be considerably greater beneath the brand new regime. As per the brand new provision, the overall penalty can be as much as 10% of the related agency’s common world turnover or earnings for the three previous monetary years. In case of cartelisation, the penalty is 3 times the revenue; or 10% of the worldwide turnover or earnings, for every year of the continuance of the settlement, whichever is greater.
