Compat to hear Coal India plea against CCI penalty next month

Tags: CCI, Coal India, News
The Competition Appellate Tribunal will hear next month the Coal India plea challenging the Rs 1,773 crore penalty imposed on it by CCI for unfair business practices.

The tribunal heard the matter today and posted it for further hearing on April 16.

In December, the Competition Commission of India (CCI) had slapped Rs 1,773-crore fine on the state-owned miner for for allegedly abusing its dominant position in fuel supplies.

On February 26, the tribunal had stayed the penalty subject to CIL depositing Rs 50 crore in three weeks' time. The company has already deposited the money.

The quantum of penalty - Rs 1,773.05 crore - is equal to 3 per cent of the PSU's average turnover for the last 3 years. It was also the major fine imposed by CCI on a state-owned enterprise.

CCI had said that CIL is operating independently of market forces and enjoys an undisputed dominance in the country over production and supply of non-coking coal.

India Ltd abused its dominance and did not try to evolve/draft/finalise terms and conditions of FSAs (Fuel Supply Agreements) through a bilateral process with procurers, the CCI order had said.

Subsequently, CIL approached the tribunal.

EDITORIAL OF THE DAY

  • PSU banks can take a lesson from their private peers on disclosures

    The country’s top private lenders ICICI Bank and Axis Bank declared their fourth quarter earnings recently and both stepped up their asset quality d

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Tushar Gandhi

An unexplored side of rural enterprise

What is rural enterprise? Ask this qu­estion and 9 out ...

Rajgopal Nidamboor

Timeless idiom of mindful living

Each of us, according to scholar-historian Felipe Fernandez-Armesto, is familiar ...

Dharmendra Khandal

So, how do we define a 'vermin'?

These days there’s an ongoing debate whether to declare various ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture