Sec 381 - Year 2002 - Bare Acts

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 Section 1

Title: Short Title, Extent and Commencement

State: Central

Year: 2002

(1) This Act may be called the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. (2) It extends to the whole of India. (3) It shall be deemed to have come into force on the 21st day of June, 2002.

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Competition Act, 2002 Section 44

Title: Penalty for Making False Statement or Omission to Furnish Material Information

State: Central

Year: 2002

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.

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Competition Act, 2002 Section 53F

Title: Term of Office of Chairperson and Members of Appellate Tribunal

State: Central

Year: 2002

1[53F. Term of office of Chairperson and Members of Appellate Tribunal.-- The Chairperson or a Member of the Appellate Tribunal shall hold office as such for a term of five years from the date on which he enters upon his office, and shall be eligible for re-appointment: Provided that no Chairperson or other Member of the Appellate Tribunal shall hold office as such after he has attained,-- (a) in the case of the Chairperson, the age of sixty-eight years; (b) in the case of any other Member of the Appellate Tribunal, the age of sixty-five years.] _________________________________ 1. Inserted by the Competition (Amendment) Act, 2007 [Act No 39 of 2007] w.e.f. 20.12.2007.

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Competition Act, 2002 Section 53E

Title: Selection Committee

State: Central

Year: 2002

1[53E. Selection Committee.-- (1) The Chairperson and Members of the Appellate Tribunal shall be appointed by the Central Government from a panel of names recommended by a Selection Committee consisting of-- (a) the Chief Justice of India or his nominee..........Chairperson; (b) the Secretary in the Ministry of Corporate Affairs..........Member; (c) the Secretary in the Ministry of Law and Justice..........Member. (2) The term of the Selection Committee and the manner of selection of panel of names shall be such as may be prescribed.] _________________________________ 1. Inserted by the Competition (Amendment) Act, 2007 [Act No 39 of 2007] w.e.f. 20.12.2007.

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Competition Act, 2002 Section 53D

Title: Qualifications for Appointment of Chairperson and Members of Appellate Tribunal

State: Central

Year: 2002

1[53D. Qualifications for appointment of Chairperson and Members of Appellate Tribunal.-- (1) The Chairperson of the Appellate Tribunal shall be a person, who is, or has been a Judge of the Supreme Court or the Chief Justice of a High Court. (2) A Member of the Appellate Tribunal shall be a person of ability, integrity and standing having special knowledge of, and professional experience of not less than twenty-five years in, competition matters, including competition law and policy, international trade, economics, business, commerce, law, finance, accountancy, management, industry, public affairs, administration or in any other matter which in the opinion of the Central Government, may be useful to the Appellate Tribunal.] _________________________________ 1. Inserted by the Competition (Amendment) Act, 2007 [Act No 39 of 2007] w.e.f. 20.12.2007.

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Competition Act, 2002 Section 53C

Title: Composition of Appellate Tribunal

State: Central

Year: 2002

1[53C. Composition of Appellate Tribunal.-- The Appellate Tribunal shall consist of a Chairperson and not more than two other Members to be appointed by the Central Government.] _________________________________ 1. Inserted by the Competition (Amendment) Act, 2007 [Act No 39 of 2007] w.e.f. 20.12.2007.

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Competition Act, 2002 Section 50

Title: Grants by Central Government

State: Central

Year: 2002

1 50. Grants by Central Government. The Central Government may, afterdue appropriation made by Parliament by law in this behalf, make to theCommission grants of such sums of money as the Government may think fit forbeing utilised for the purposes of this Act. ____________________________ 1. Effective from 19.06.2003 by Notification No. SO 715(E) Dated 19.06.2003.

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Competition Act, 2002 Section 47

Title: Crediting Sums Realised by Way of Penalties to Consolidated Fund of India

State: Central

Year: 2002

1[All sums realised by way of penalties under this Act shall be credited to the Consolidated Fund of India.] _________________________ 1. Effective date:20th May 2009- notified vide Ministry of Corporate Affairs Notification No S.O.1241(E) dated 15.05.2009.

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Competition Act, 2002 Section 18

Title: Duties of Commission

State: Central

Year: 2002

1[Subject to the provisions of this Act, it shall be the duty of the Commission to eliminate practices having adverse effect on competition, promote and sustain competition, protect the interests of consumers and ensure freedom of trade carried on by other participants, in markets in India: Provided that the Commission may, for the purpose of discharging its duties or performing its functions under this Act, enter into any memorandum or arrangement with the prior approval of the Central Government, with any agency of any foreign country.] ___________________________________________ 1. Effective date :20th May 2009- notified vide Ministry of Corporate Affairs Notification No S.O.1241(E) dated 15.05.2009.

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Competition Act, 2002 Section 53H

Title: Vacancies

State: Central

Year: 2002

1[53H. Vacancies.-- If, for any reason other than temporary absence, any vacancy occurs in the office of the Chairperson or a Member of the Appellate Tribunal, the Central Government shall appoint another person in accordance with the provisions of this Act to fill the vacancy and the proceedings may be continued before the Appellate Tribunal from the stage at which the vacancy is filled.] _________________________________ 1. Inserted by the Competition (Amendment) Act, 2007 [Act No 39 of 2007] w.e.f. 20.12.2007.

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