Shivani Thakur
Published on: June 16, 2022 at 15:35 IST
The Competition Commission of India (CCI) issued a final order today against seven companies/ firms which were found to have contravened the provisions of Sections 3(3)(a), 3(3)(b), 3(3)(c) and 3(3)(d) read with Section 3(1) of the Competition Act, 2002 (Act), which proscribe anti-competitive agreements.
The case was started after one of the cartelizing businesses filed a reduced penalty application.
CCI discovered that these seven companies/firms engaged in cartelization in the provision of Protective Tubes to the Indian Railways by establishing prices, allocating tenders, controlling supply and market, co-ordinating bid prices, and manipulating the bidding process directly or indirectly.
Furthermore, the CCI found ten individuals from these seven entities to be accountable for the anti-competitive behaviour of their respective companies/firms under Section 48 of the Act.
Companies/firms and their specific persons found guilty of breaking the Act’s requirements were fined 5% of their average turnover/ revenue by CCI.