law: 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.