LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

CCI penalises Glenmark Pharma, other entities for unfair biz practices

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Fri, Jul 13, 2018
10:46 pm
PTI
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

The Competition Commission today imposed penalties totalling nearly Rs 47 crore on Glenmark Pharmaceutical, its three officials, two other pharma companies and four Gujarat-based chemists associations for indulging in unfair business practices.

Besides, a carry and forward (C&F) agent has been penalised.

All the entities have been fined for violating competition norms with regard to mandating no-objection certificates (NOC) from the associations prior to appointing entities as stockists.

In an 86-page order, the Competition Commission of India (CCI) also directed the entities to "cease and desist" from indulging in "the practice of mandating NOC, which has been held to be anti-competitive".

Three pharma companies -- Glenmark, Divine Saviour Pvt Ltd and Hetero Healthcare Ltd -- have been fined. Fines have also been imposed on C&F agent B M Thakkar & Co, Federation of Gujarat State Chemists & Druggists Association and its three constituent associations as well as their officials.

Glenmark, Divine, Hetero and B M Thakkar have to pay a total penalty of Rs 46.43 crore. Also, three officials of Glenmark and one of B M Thakkar have been slapped with a fine of Rs 88,386.

A total penalty of Rs 12.50 lakh has been imposed on Federation of Gujarat State Chemists & Druggists Association and the three constituent associations -- Amdavad Chemist Association, Surat Chemists and Druggists Association, and Chemists and Druggists Association of Baroda. Their office bearers will have to dish out a total penalty of Rs 2.22 lakh.

The order has come on separate complaints filed by four entities engaged in the distribution of medicines in Gujarat.

"Despite several orders of the Commission proscribing the anti-competitive practices of state and regional chemists and druggists associations in inter-alia mandating NOC for appointment of stockists and stringent penalties imposed upon them, it is found that these associations are continuing to indulge in these practices," the latest order, dated July 12, said.

Further, the regulator said provisions of the Competition Act and spirit of competition seems to be of least priority to these associations, who only believe in disturbing the fair competition through their unfair means.

Noting that it had recently imposed penalty on Gujarat State Chemists & Druggists Association and Chemists and Druggists Association of Baroda, the regulator said, "the provisions of the (Competition) Act and spirit of competition seems to be of least priority to these associations who only believe in disturbing the fair competition through their unfair means".

Among others, the complainants were aggrieved because of the "rampant" practice of requiring an NOC from local chemists and druggists association by pharmaceutical companies in Gujarat, prior to appointment of new stockists allegedly enforced by the district level chemists and druggists associations and their parent body, the Federation of Gujarat State Chemists & Druggists Association.

Taking a prima facie view that that there was alleged violation of Section 3 of the Competition Act, the regulator had directed its investigation arm -- the Director General (DG) -- to probe the matter.

Section 3 pertains to anti-competitive agreements.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Announcement LIVE: IIT JEE Main 2021 Result February - Date, time, declaration on NTA website direct link jeemain.nta.nic.in, download answer key, score checking and more

Rakesh Jhunjhunwala stocks: This Big Bull-owned MULTIBAGGER has delivered more than 42 pct in less than two month

Facebook removes 1,521 malicious accounts in Feb

Stock Market Outlook: Focus will be on these - Check what share bazaar experts, analysts opined

Twitter CEO and billionaire Jack Dorsey puts his 1st tweet on sale, bid reaches Rs 2 cr

Listing facilitation! Ahead of LIC IPO, authorised capital boost of Rs 25,000 crores - All you need to know

REVEALED! What gave a massive 400% jump to FDI in computer software, hardware during Apr-Dec 2020

Super hi-tech driverless pod taxis for Noida Aiport! Check Yogi Adityanath government's big plans for Jewar

Life Insurance Coverage Calculator: Simple cover calculation in just 3 steps - EXPLAINED

Mumbai-Ahmedabad Bullet Train: Tech bids open for bridge project - Check latest news development

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved