The Competition Act, 2002
44. Penalty for making false statement or omission to furnish material information.-
If any person, being a party to a combination,-
a. makes a statement which is false in any material particular, or knowing it to be false; or
b. 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 rupees fifty lakhs but which may extend to rupees one crore, as may be determined by the Commission.