Petrochemical cos slapped with fine for unfair trade practices
Updated: Jul 26, 2014 12:38:23pm
New Delhi, Jul 26 (KNN) The Competition Commission of India (CCI) has imposed cumulative penalties amounting to Rs 6714.83 crore on 11 cement companies and also the Cement Manufacturers' Association.
A penalty of Rs 55,01,710 has been imposed on the pharmaceutical sector in four cases related to unfair trade practices by the commission, said Corporate Affairs Minister Nirmala Sitharaman.
“Further, in two cases, penalties ranging from 7 – 10 per cent of the turnover have also been imposed on some office bearers of Bengal Chemists and Druggist Association and Chemists and Druggist Association, Ferozepur (Punjab),” she said.
In the petroleum sector, the trade regulator has referred the matter of fixing of petrol price by oil marketing companies for investigation to the Director General.
However, the minister said the matter has been stayed by the Delhi High Court.
“No investigation on issue of cartelisation in telecom sectors is under progress,” she said. (KNN/ST)
A penalty of Rs 55,01,710 has been imposed on the pharmaceutical sector in four cases related to unfair trade practices by the commission, said Corporate Affairs Minister Nirmala Sitharaman.
“Further, in two cases, penalties ranging from 7 – 10 per cent of the turnover have also been imposed on some office bearers of Bengal Chemists and Druggist Association and Chemists and Druggist Association, Ferozepur (Punjab),” she said.
In the petroleum sector, the trade regulator has referred the matter of fixing of petrol price by oil marketing companies for investigation to the Director General.
However, the minister said the matter has been stayed by the Delhi High Court.
“No investigation on issue of cartelisation in telecom sectors is under progress,” she said. (KNN/ST)
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