NCLAT asks Eveready to pay over Rs17 crore in connection with CCI penalty1 min read . Updated: 09 May 2018, 09:29 PM IST
Eveready Industries has been asked to pay over Rs17 crore in connection with an appeal moved by the company against a Rs171.55 crore penalty imposed on it by the CCI
New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Wednesday asked Eveready Industries to pay more than Rs17.1 crore in connection with an appeal moved by the company against a Rs171.55 crore penalty imposed on it by the Competition Commission of India (CCI) for cartelisation in pricing of zinc-carbon dry cell batteries.
Eveready sought a further reduction of the penalty amount, which was brought down by the anti-trust regulator by 30% under the Competition Commission of India (Lesser Penalty) Regulations, 2009.
On 19 April, CCI had imposed a penalty of Rs171.55 crore and Rs42.26 crore on Eveready Industries India Ltd and Indo National Ltd (Nippo), respectively, for indulging in anti-competitive practices in the zinc-carbon dry cell battery market in India.
However, no penalty was levied on Panasonic Energy India Co. Ltd, as it had approached the anti-trust regulator as a whistle-blower, disclosing the details of their cartel that indulged in price coordination, limiting production/supply as well as market allocation from 2008.
The CCI order was passed in suo moto proceedings based on the disclosure by Panasonic in May 2016 under the Competition Commission of India (Lesser Penalty) Regulations, 2009.
The lesser penalty regulations provide incentives for entities who pro-actively assist CCI in busting cartels.
The matter would be next heard on 27 May.