Section 47 of the Act gives the penalty for the violation of Section 27. Section 27 talks about the Division of Undertakings that talks about the transfer or vesting of property, rights, liabilities, obligations, and so on. If this action is contravened then the person will be punishable with imprisonment for a term extending to five years, or with a fine up to One lakh rupees or sometimes both. For subsequent violations of the same section then the person will be fined up to One thousand rupees every day.

Section 48 speaks about the penalty for failure to register agreements. If a person fails to register an agreement that is subject to registration under this Act without a reasonable excuse, he shall be punished with imprisonment for a term that may extend to three years, or with a fine that may extend to five thousand rupees, or both, and, if the offence is a continuing one, with a further fine that may extend to five hundred rupees for each day, after the first, that such failure continues.

Section 48A speaks about the penalty awarded for contravention of an order made under section 27B or for possession of property sold to any person under section 27B of the act. Any individual or corporation who or which:-

1. omits or fails to execute disinvestment of any shares or sale of the whole or any part of any undertaking or enterprises by any method referred to in sub-section (1) of section 27B, notwithstanding being required to do so by any order of the Central Government referred to in that sub-section; or
2. has in his possession, custody, or control any property or assets, or any part thereof, that has been sold to any person following an order of the Central Government referred to in sub-section (1) of section 27B, and wrongfully withholds such property, assets, or part thereof from the purchaser; or
3. unjustly takes control of, or keeps possession of, any property, assets, or part thereof that has been sold following a Central Government order referred to in sub-section (1) of section 27B; or
4. withholds or fails to provide to the purchaser any document in his possession, custody, or control related to the property, or any portion or assets thereof, that has been sold following a Central Government order mentioned to in sub-section (1) of section 27B; or
5.  fails to deliver to the purchaser any books of account, registers, or other documents in his possession, custody, or control relating to such property, or any part or assets thereof, which have been sold following an order of the Central Government referred to in sub-section (1) of section 27B; or
6. unjustly removes or destroys any property or assets sold following a Central Government order referred to in section 27B’s sub-section (1); or
7.  makes any claim concerning the property, or any part or assets thereof, that he knows, or has reason to believe, is false or grossly inaccurate, will be punished by imprisonment for a term not exceeding two years and a fine not exceeding ten thousand rupees.

Section 48B talks about the penalty given for only the contravention of section 27B. Any person who exercises any voting right in respect of any share in violation of any order of the Central Government referred to in sub-section (1) of section 27B is punished by imprisonment for a term of up to five years, as well as a fine. Any company that gives effect to any voting or other right exercised concerning any share held in contravention of an order of the Central Government referred to in sub-section (1) of section 27B is subject to a fine of up to five thousand rupees, and any officer of the company who is in default is subject to imprisonment for a term up to three years, or both.

Section 48C gives the Penalty for contravention of an order made by the Commission which is related to unfair trade practices. If a person violates a commission order issued under section 36D, he is subject to imprisonment for a period of not less than six months but not more than three years, as well as a fine of up to ten lakh rupees.

Section 49 speaks about the offences relating to the furnishing of information. Clause 1 tells that if any person fails to produce any books or papers, or to furnish any information, as required under section 43, or to comply with any notice duly given to him under section 42, he shall be punished with imprisonment for a term not exceeding three months, or with a fine not exceeding two thousand rupees or both, and, if the offence is a continuing one, with a further fine not exceeding one hundred rupees for each day the offence continues. 

Clause 2 speaks that if anybody provides or is forced to provide any specifics, documents, or information:-

1. makes or submits any statement or document that he knows or has reason to suspect is untrue in any significant detail; or

2. fails to mention any relevant fact while knowing that it is important; or

3. intentionally changes, conceal, or destroys any document required to be supplied as aforesaid, he shall be punished by imprisonment for a term not exceeding six months, a fine not exceeding five thousand rupees, or both.

Section 50 speaks about the penalty for violation of orders under the act. A person who is deemed guilty of an offence under this Act under section 13 is punishable by imprisonment for a term of up to three years, or by a fine of up to fifty thousand rupees, or both, and, if the offence is a continuing one, by a further fine of up to five thousand rupees for each day after the first during which the contravention continues.

(2) Any person who contravenes, without fair justification, any order issued by the Central Government under section 31 or any order issued by the Commission under section 37 will be punished by imprisonment for a term of not less than one year.

1. for the first offence, six months but no more than three years; 
2. for any second or subsequent offence concerning the goods or services in respect of which the first offence was committed, two years but no more than seven years; and, in either case, where the contravention is a continuing one, a fine of up to five thousand rupees for each day, after the first, during which such contravention continues:

(3) Any person who engages in any commercial activity banned by this Act will be punished by imprisonment for a term not exceeding six months, a fine not exceeding five thousand rupees, or both and where the offence is a continuing one, with a further fine which may extend to five hundred rupees for every day, after the first, during which such contravention continues.

Section 51 speaks about the penalty for offences about resale price maintenance. If a person violates the terms of section 39 or section 40, he may be sentenced to three months in prison, a fine of up to five thousand rupees, or both.

Section 52 talks about the penalty for wrongful disclosure of information. If a person violates section 60 by disclosing information, he may be punished by imprisonment for up to six months, a fine of up to five hundred rupees, or both.

Section 52A talks about the penalty given for the violation of any conditions or restrictions provided by the act. If any person violates, without reasonable excuse, any condition or restriction to which any approval, sanction, direction, or exemption concerning any matter has been accorded, given, made, or granted under this Act, he shall be punished by a fine of up to one thousand rupees, plus a further fine of up to one hundred rupees for each day, after the first, during which such contravention continues.

Section 52B talks about the penalty awarded for making false statements in the application, returns, and so on. Any person who makes submits furnishes, or produces any application, return, report, certificate, balance sheet, prospectus, statement, or another document for any provision of the Act makes a statement:-

1.  which is untrue in any material particular, knowing it to be false, or (b) which is false in any material particular, knowing it to be false, or
2.  who, knowing that a substantial truth is a material, omits to state it, shall be punished by imprisonment for a period not exceeding two years, as well as a fine.

Thus these are the Offences and Penalties described in the Monopolies and Restrictive Trade Practices Act of 1969.

References:-

1. https://www.advocatekhoj.com/library/bareacts/monopoliesandrestrictive/index.php?Title=Monopolies%20and%20Restrictive%20Trade%20Practices%20Act,%201969

Aishwarya Says:

I have always been against Glorifying Over Work and therefore, in the year 2021, I have decided to launch this campaign “Balancing Life”and talk about this wrong practice, that we have been following since last few years. I will be talking to and interviewing around 1 lakh people in the coming 2021 and publish their interview regarding their opinion on glamourising Over Work.

IF YOU ARE INTERESTED IN PARTICIPATING IN THE SAME, DO LET ME KNOW.

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In the year 2021, we wrote about 1000 Inspirational Women In India, in the year 2022, we would be featuring 5000 Start Up Stories.