Agencies
New Delhi: The Supreme Court stayed the Competition Commission of India’s order that imposed over Rs 420-crore penalty on the country’s second-largest car maker Hyundai Motors India for anti-trade practices including lack of standardisation of spare parts and allowing original equipment suppliers (OESs) to sell spare parts in the open market without any restrictions. A Bench led by Justice AM Khanwilkar stayed the CCI’s order.
The National Company Law Appellate Tribunal last month had rejected the company’s plea for complete stay of the CCI July 2015 order that imposed a penalty of Rs 420.26 crore on Hyundai for violating Sections 3(4) and 4 of the Competition Act, based on its total turnover and also issued several directions to be complied by the car manufacturer, including standardisation of spare parts and allowing original equipment suppliers (OESs) to sell spare parts in the open market without any restrictions, as per the regulator’s earlier directions. The NCLAT has asked Hyundai to deposit 10 per cent of the CCI penalty based on its total turnover and also comply with the regulator’s directions.
(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)
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