NCLAT sets aside Rs 17.88 bn penalty imposed by CCI

The National Company Law Appellate Tribunal (NCLAT) has overturned the Rs 17.88 billion fine imposed by the Competition Commission of India (CCI) on five tire manufacturers for cartel involvement.

The Division Bench of Justice Rakesh Kumar (Judge Member) and Ashok Kumar Mishra (Technical Member) has ruled on a series of appeals against the CCI order filed by Apollo Tires, MRF, CEAT, JK Tire and Birla Tires as well as their Association Automotive Tire Manufacturers Association (ATMA).

The appeals court overturned the fines and referred the case back to the Commission for further investigation. Previously, NCLAT had reserved its decision in the nearly decade-old case.

The issue arose from a 2013 All-India statement to the Ministry of Corporate Affairs.

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