Excel Crop Care provides update on issue related to penalty imposed by CCI

Deposits penalty of Rs 2.92 crore

Excel Crop Care announced that by an order dated 23 April 2012, the Competition Commission of India had imposed on the Company a penalty of Rs 63.90 crore alleging violation by the Company of Section 3 of the Competition Act, 2002, in relation to supply of a product to one buyer. On the Company's appeal against the said Order, the Competition Appellate Tribunal reduced the amount of penalty to Rs 2.92 crore by its Order dated 29 October 2013. The Company and the Competition Commission of India filed appeals before the Hon'ble Supreme Court against the Order of the Competition Appellate Tribunal. The Hon'ble Supreme Court by its Order dated 8 May, 2017 has disposed off the matter and has upheld the Order dated 29 October 2013 of the Competition Appellate Tribunal. The penalty of Rs 2.92 imposed on the Company, which has been confirmed by the Hon'ble Supreme Court, has already been deposited and provided for by the Company in its books of account in F.Y. 2013-14.

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