Fine on tyre companies: Supreme Court seeks CCI’s reply on MRF plea_Fine on tyre companies: Supreme Court seeks CCI's reply on MRF plea

Fine on tyre companies: Supreme Court seeks CCI’s reply on MRF plea

May 31, 2024

Tire maker MRF Ltd appealed to the National Company Law Appellate Court last 12 years against a monthly order asking the antitrust regulator to review and recalculate its rulings on cartel and price fixing charges. The Supreme Court of India on Monday lost an appeal on the appeal filed by tire maker MRF Ltd. ) was asked to reply. Collected by the tire company.

The CCI took up the matter against the tire company on 8 178.8.2018 Rs 1 crore was fined and they were asked to stop the unfair business practices.

A bench headed by Justice Sanjiv Khanna issued a notice for the CCI and tagged the CCI appeal with the MRF appeal. In April last year, the Supreme Court was hearing the CCII’s order refusing to stay the appellate court.

NCLAT has directed the CCI to pass a fresh order after tire manufacturers appealed for a fresh review of miscalculations and omissions and a review of penalties to save the domestic tire industry. The appellate court said that since the purpose of the competition law is to focus on the development of the national economy, the regulator must also consider promoting the domestic industry. CCI Apollo Tires was fined Rs 425.53 crore, MRF Ltd Rs 622.09 crore, CEAT Ltd Rs 252.16 crore, JK Tires Rs 309.95 crore and Birla Tires Rs 178.33 crore. Automobile Tyre Manufacturers Association (ATMA) was fined Rs 84 lakh was directed to stop charging wholesale and retail prices through its member tire companies or any other means. The regulator found that tire manufacturers were exchanging price sensitive data through the ATMA platform and taking collective decisions on tire prices.

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