CCI imposes Rs 10 cr penalty on Geep Industries (India), 3 others

The Competition Commission today imposed a total penalty Rs 9.69 crore on Geep Industries (India) and three individuals, including a senior official of the firm, for cartelisation in sale of dry cell batteries.

Panasonic Corporation's subsidiary, Panasonic Energy India Company, and Geep have violated norms pertaining to anti-competitive agreements under the Competition Act by "indulging in cartelisation", the CCI said in an order.

The regulator, however, waived penalties of over Rs 74 crore on Panasonic Energy and its officials as they shared "vital disclosures" with it.

The individuals penalised by the Competition Commission of India (CCI) include Geep's director Jainuddin Thanawala, as also Joeb Thanawala and Pushpa M.

While Geep has been fined Rs 9.64 crore, Jainuddin has to pay Rs 2.40 lakh. Joeb and Pushpa have been slapped with penalties of Rs 1.10 lakh and Rs 1.30 lakh, respectively.

CCI said that for contravention under Section 3 of the Competition Act, Panasonic Energy's former chairman and managing director S K Khurana and another official, Parimal Vazir are also liable.

CCI imposed a penalty of Rs 73.93 crore on Panasonic Energy and Rs 6.63 lakh and Rs 1.52 lakh on Khurana and Vazir.

However, the fair trade regulator granted 100 per cent reduction in penalty amounts to Panasonic Energy and its two officials.

It said: "At this stage, the Commission takes into account the fact that OP-1 (Panasonic Corporation), on behalf of itself, OP-2 (Panasonic Energy) and their directors, officers and employees had filed an LP (Lesser Penalty) Application in the matter."
"Thus, full and true disclosure of information and evidence and continuous cooperation so provided, not only enabled the Commission to order investigation into the matter, but also helped in establishing the contravention of Section 3 of the Act."