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- Mar 2, 2024
- Views : 5816
The Competition Commission of India (CCI) had penalised Hyundai Motor India with a sum of Rs 420 crore after having found the company guilty of unfair trade practices. However, according to reports the panel has rolled back the penalty until a court decides on an appeal filed by the Indian unit of the Korean automaker.
The panel had fined the Korean carmaker after having found it guilty of indulging in anti-competitive practices which includes not making genuine spare parts freely available in the market. The fine was calculated at two per cent of average turnover and Hyundai was asked to deposit the penalty within 60 days from the receipt of the order to the panel. CCI had also asked the company to cease and desist from such practices.
Hyundai had, however, challenged this ruling of CCI before the Madras high court which granted it a stay. The panel’s decision to stall the fine it imposed on Hyundai comes in after the Korean carmaker initiated contempt proceedings against CCI for violating an April 13, 2015 order by the Madras high court that stated that CCI will reserve any order in the case until the court decides on an appeal filed by the automaker.
The panel has now stated that the order passed by the regulator was on account of a communication gap and would not be enforced till the disposal of the appeal filed by the Korean carmaker.
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