Hyundai India To Pay CCI Fines Worth INR 420 Crore

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Hyundai India, along with Mahindra Reva and Premier have been found guilty by CCI for violation of Competition Act, 2002. The Competition Commission of India has decided to penalise the manufacturers with hefty fines.

Korean automobile manufacturer is looking at fines worth INR 420 crore. A court case against 18 automotive manufacturers was ordered for unfair trade practices in India.

hyundai india cci

Fourteen of the manufacturers were penalised by the court on 25th of August, 2015. Out of them order by the court was pending for Hyundai, Mahindra Reva and Premier automakers.

It was found by the committee that these manufacturers were violating deals made with local Original Equipment Suppliers. They also did not allow their dealerships to supply spare parts.

reva india cci

CCI has charged Hyundai India at two percent of their average turnover. This penalty amount has to be deposited within 60 days from the 27th of July, 2015 to CCI.

Both Reva and Premier were not asked to pay any penalties by CCI. It was considered that certain factors worked in favour for both automobile manufacturers and have been absolved of fines.

Read more on: #hyundai #auto news
Story first published: Wednesday, July 29, 2015, 15:01 [IST]
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