NCLAT sets aside Rs 1788 cr penalty in Tyre Cartel Case
NCLAT sets aside Rs 1788 cr penalty in Tyre Cartel Case

NCLAT ordered Competition Commission of India to review the tyre cartel case again and pass fresh order after hearing the parties, citing arithmetic errors in the impugned order. CCI, in 2013, penalised Rs 1788 crore on tyre companies including Apollo Tyres Ltd., MRF Ltd., JK Tyres and Industries Ltd., Birla Tyres Ltd. and the Automotive Tyre Manufacturers' Association for alleged cartelisation. CCI is aso directed to consider reviewing the penalty to save domestic industry in view of the fact that it is under a lot of pressure from global tyre manufacturing companies where a lot of unutilised capacity is available.

For more, click here