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Competition watchdog slaps Rs 8,000 crores penalty in 19 cases

Published: 23rd April 2013 07:46 AM  |   Last Updated: 23rd April 2013 07:46 AM   |  A+A-

Competition watchdog Competition Commission of India (CCI) has penalised 19 business entities for anti-competitive practices cumulatively to the tune of Rs 8,000 crore by the end of financial year 2012-13, Corporate Affairs Minister, Sachin Pilot informed the Rajya Sabha on Monday.

Pilot said, “As on March 31, 2013 CCCI had received 347 cases regarding violations of anti-competitive practices.”

“Of this, the commission has closed 262 cases.  In 28 cases, cease and desist orders have been passed while in 19 cases total penalties of Rs 8,013 crore have been imposed along with cease and desist orders,” he added.

According to the Competition Act, CCI can issue, cease, and desist order to refrain the company from pursuing any anti-competitive practices.

It may be mentioned that last year in June, CCI imposed Rs 6,200 crore penalty on 11 cement companies on charges of  price cartelisation.

CCI levied a penalty of 50% of the FY10 profits of these companies. The firms in violation of the competitive laws were directed to deposit the penalty within 90 days.

Pilot also informed the House that CCI was also considering the issue of possible cartelisation in trade of guar gum.

“The issue of cartelisation in the trade of guar gum is under consideration,” Pilot he said.

The Forward Markets Commission (FMC) in March last year had banned futures trading in guar seed and guar gum to curb price volatility and speculation. It had also launched probe into the matter.



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