Competition Commission of India slapped fine of 8000 Crore rupees in 19 Cases

Competition Commission of India (CCI) penalised 19 business entities for anti-competitive practices collectively for around 8000 crore Rupees by the end of financial year 2012-13.

It was figured out as on 31 March 2013 that CCCI had received 347 cases regarding violations of anti-competitive practices.

Out of the 347 registered  cases , the Commission had closed 262 cases, while in  28 cases cease and desist orders have been passed, also in other 19 cases, total penalties of 8013 crore rupees was imposed along with cease and desist orders.

In view of the Competition Act, the CCI has got the authority to issue cease and desist order to abstain the company from pursuing any anti-competitive practices. Also in another major upshot a total of 55.67 crore rupees of undisbursed funds in the last fiscal have been credited to Consolidated Fund of India.

It was calculated that during the 2001-2012, a sum of 637.17 crore rupees had been credited to the Consolidated Fund of India.

To deal with the issue of credit in an effective way, the Union government has established Investor Education and Protection Funds (IEPF) by which unclaimed funds on account of dividends, matured deposits, matured debentures and share application money are transferred to the government by the company on completion of seven years.