Dry cell battery maker Eveready Industries India Ltd. has obtained a stay from the National Company Law Appellate Tribunal, on the ₹171.5 crore penalty awarded by the Competition Commission of India , the company said in a regulatory filing.
EIIL preferred an appeal and stay application before the NCLAT against the CCI’s Order dated April 19, 2018, the filing said, adding “the NCLAT was pleased to stay the penalty with the direction of depositing 10% of the penalty amount within 15 days with the Registry of the NCLAT,” the company said.
The CCI had slapped penalties EIIL, Panasonic, and Nippo and their association for “colluding to fix prices of zinc-carbon dry cell batteries in India.”
The penalty was fixed at ₹245.1 crore on Eveready, ₹52.8 crore on Nippo and ₹74.7 crore on Panasonic . However based on applications of lesser penalties filed by these companies, the fines were reduced by 100 % for Panasonic, 30 % for Eveready and 20 % for Nippo.
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