New Delhi (ABC Live): Competition Commission of India (CCI) has imposed a penalty of Rs.62.31 crore on three engineering companies for violation of Competition Act concerning forming a Cartel with respect to a tender for an Indian Railway undertaking. A penalty of Rs. 1.91 crore has been imposed on M\/s Stone India Ltd., Rs. 5.70 crore on M\/s Faiveley Transport Rail Technologies India Ltd and Rs.54.70 crore on M\/s Escorts Ltd. The penalty has been worked out on the basis of 2% of average turnover of these companies for the three financial years from 2009-10 to 2011-12.<\/p>\n
The penalty has been imposed after CCI took up a case of suo motto basis based on information given by M\/s Diesel Loco Modernization Works(DLMW), a unit of Indian Railways at Patiala, Punjab. The case relates to a DLMW tender wherein the three vendors quoted identical rates for feed valves.<\/p>\n
The companies have also been directed to \u201cCease and Desist\u201d from indulging in such anti-competitive conduct in future. Noting that public procurement is a major concern of all competitive authorities in the world, CCI said that it cannot ignore bid rigging in case of small procurement nor can consider small procurements unimportant.<\/p>\n","protected":false},"excerpt":{"rendered":"
New Delhi (ABC Live): Competition Commission of India (CCI) has imposed a penalty of Rs.62.31 crore on three engineering companies for violation of Competition Act concerning forming a Cartel with respect to a tender for an Indian Railway undertaking. A penalty of Rs. 1.91 crore has been imposed on M\/s Stone India Ltd., Rs. 5.70 […]<\/p>\n","protected":false},"author":78,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[957,51,1178,1177,1176],"_links":{"self":[{"href":"https:\/\/abclive.in\/wp-json\/wp\/v2\/posts\/1369"}],"collection":[{"href":"https:\/\/abclive.in\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abclive.in\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abclive.in\/wp-json\/wp\/v2\/users\/78"}],"replies":[{"embeddable":true,"href":"https:\/\/abclive.in\/wp-json\/wp\/v2\/comments?post=1369"}],"version-history":[{"count":0,"href":"https:\/\/abclive.in\/wp-json\/wp\/v2\/posts\/1369\/revisions"}],"wp:attachment":[{"href":"https:\/\/abclive.in\/wp-json\/wp\/v2\/media?parent=1369"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abclive.in\/wp-json\/wp\/v2\/categories?post=1369"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abclive.in\/wp-json\/wp\/v2\/tags?post=1369"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}