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CCI issues cease and desist order against firms found guilty of bid rigging and cartelization in tender floated by FCI

by Economy India
November 1, 2021
Reading Time: 1 min read
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The Competition Commission of India (CCI) issued a final order on 29th October 2021 against six firms that were found to have contravened the provisions of Section 3(1) of the Competition Act, 2002 read with Section 3(3)(d) thereof, which proscribe anti-competitive agreements.

CCI found these firms to have indulged in cartelization in the supply of Low Density Poly Ethylene covers (LDPE) to Food Corporation of India (FCI) by means of directly or indirectly determining prices, allocating tenders, coordinating bid prices and manipulating the bidding process. The case was initiated on the basis of a Reference filed on behalf of FCI.

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In this backdrop, CCI issued a cease and desist order against the firms found guilty of bid rigging and cartelization in the said tenders floated by FCI.

However, CCI refrained from imposing any monetary penalty considering that four out of six firms had filed lesser penalty applications and admitted their conduct, confessed their modus operandi during investigation thereby fully cooperated with CCI.

Moreover, the firms were also MSMEs with limited staff/ turnover and the prevailing economic situation arising due to the outbreak of COVID-19, stress wrought upon the MSME sector in the wake of the said pandemic. (PIB)

Tags: Business Updates on Indian EconomyCompetition Commission of India (CCI)Current Updates of Indian EconomyEconomic Development of IndiaEconomy IndiaEconomy India UpdatesEconomy NewsEconomy News of IndiaEconomy News Portal of IndiaEconomy News UpdatesEconomy Updates from IndiaFood Corporation of India (FCI)India EconomicIndian EconomyIndian Economy OutlookIndian Economy UpdatesLatest Development on Indian EconomyLatest Updates on Indian EconomyLow Density Poly Ethylene covers (LDPE) to Food Corporation of India (FCI) by means ofNews Around Economy of IndiaNews on Indian EconomyNews on World of Indian EconomyOverview of Indian EconomyRecent Development in Indian Economy
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Economy India

Economy India is one of the largest media on the Indian economy. It provides updates on economy, business and corporates and allied affairs of the Indian economy. It features news, views, interviews, articles on various subject matters related to the economy and business world.

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