Fair trade regulator CCI today imposed a total fine of Rs 215 crore on Eveready, Indo National, industry grouping AIDCM and their officials for cartelisation in pricing of zinc carbon dry cell batteries.
Invoking leniency provisions, the Competition Commission reduced the quantum of penalties on Eveready, Indo National as well as their officials. The fine has been completely waived off in the case of Panasonic Energy India, which was also involved in anti-competitive practices.
In a 39-page order, the watchdog has penalised Eveready and Indo National, which owns the brand 'Nippo' and Association of Indian Dry Cell Manufacturers (AIDCM) to the tune of nearly Rs 215 crore. The amount includes fines on officials of the two companies as well as that of the industry grouping.
"From the evidence collected in the case, CCI found that the three battery manufacturers, facilitated by AIDCM, had indulged in anti-competitive conduct of price coordination, limiting production/ supply as well as market allocation," an official release said.
The fines imposed on Eveready and Indo National have been reduced by 30 per cent and 20 per cent, respectively, under the leniency provisions.
Eveready Industries India has to pay a fine of Rs 171.55 crore while the penalty on its officials is Rs 53.41 lakh. In the case of Indo National, the fine is Rs 42.26 crore on the company and Rs 29.57 lakh on the officials.
The regulator has imposed a penalty of Rs 1.85 lakh on AIDCM and Rs 16.09 lakh on its officials. The matter was taken up suo-moto by the Competition Commission of India (CCI).
It was also observed that the anti-competitive conduct of the entities was continuing from 2008 to 2016, as per the release.
However, Section 3 of the Competition Act pertaining to anti-competitive agreements came into force only in May 2009.
(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.