Competition Commission recovers not even 1/10th of penaltied amount for non-compliance of CCI laws: Chawla

Competition Commission recovers not even 1/10th of penaltied amount for non-compliance of CCI laws: Chawla

Competition Commission recovers not even 1/10th of penaltied amount for non-compliance of CCI laws: Chawla

 

No.PR-137
November 19, 2014
New Delhi

 

Competition Commission recovers not even 1/10th of penaltied amount for non-compliance of CCI laws: Chawla

 

The Competition Commission of India (CCI) on Wednesday disclosed that it has recovered a meagre amount of Rs.1,000 crores in the form of penalty imposed by the Commission for non-compliance of  competition laws by corporates against the penaltied amount of close to Rs.12,000 crores so far, according to its Chairman, Mr. Ashok Chawla.

 

Addressing the managing committee members of PHD Chamber of Commerce and Industry, the Chairman, CCI said that the recovery has been poorer, for the penalties imposed for non-compliance of CCI laws on belligerent corporates that took the subject to Courts to deliberately delay the payments of recoveries.

 

He advised the corporates to take advantage of the RTI Act to dig out any information relating to CCI laws and their fall out on corporate governance since the CCI is a public office and thus falls on RTI Act’s domain.

 

On a query raised on mergers and acquisitions (M&A) by one of the members of the PHD Chamber of Commerce and Industry, Mr. Chawla clarified that CCI intervened only such M&A that leads to monopolistic tendencies and cartelization.

 

Wherever, M&As take place, exceeding their thresholds as provided under the competition law, the commission intervenes and even interferes even suo moto but wherever such a thing is happening for business consolidation, the commission keeps off such deals, pointed out Mr. Chawla.

 

Referring to shabby deals and transactions taking place in the real estate sector, the Commission’s Chairman expressed his inability to restrict an prohibit such things as these do not fall in CCI’s jurisdiction and advised the centre and state governments to hurry up setting up real estate regulatory authority to regulate the sector to the best satisfaction of all stakeholders in it.

 

ENDS

Koteshwar Prasad Dobhal
Consultant (PR)