The country's competition watchdog has imposed a penalty of Rs 87 crore on Korean carmaker Hyundai Motor India for anticompetitive c...
The country's competition watchdog has imposed a penalty of Rs 87 crore on Korean carmaker Hyundai Motor India for anticompetitive conduct. According to the Competition Commission of India (CCI), the carmaker imposed arrangements upon its dealers that resulted in resale price maintenance - a deal not to sell a product below a specified price - in the sale of passenger cars manufactured by it.
Such arrangements also included monitoring of the maximum permissible discount levels through a Discount Control Mechanism, in contravention of the provisions of Section 3(4)(e) read with Section 3(1) of the Competition Act, 2002.Important Takeaways from Above News-
- The Competition Act, 2002, as amended by the Competition (Amendment) Act, 2007, follows the philosophy of modern competition laws.
- Competition Commission of India (CCI) has been established by the Central Government with effect from 14th October 2003.
- Devender Kumar Sikri is the Chairperson of Competition Commission of India.
- The Head Office of CCI is in New Delhi.
Source- The Economic Times
More Business News