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 Rs. 50,00,000 but which may extend to Rs. 5,00,00,000, as may be determined by the Commission.