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 five crore], as may be determined by the Commission.
