CCI rejects complaint against GE Money Fin Services, others

Competition Commission has dismissed allegations of unfair business practice made against GE Money Financial Services and others.
Rejecting the complaint, the fair trade regulator said "the case does not highlight any competition issue".
The complaint was filed against Chairman and Managing Director (CMD) of GE Countrywide Consumer Financial Services Ltd, GE Money Financial Services Pvt Ltd, its CMD and Magma Fincorp Ltd's CMD for alleged violation of competition norms.
"... It appears that the primary grievance of the informants is that they were forced to repay more amount of money than the loan amount which was disbursed to them," Competition Commission of India (CCI) said.

The present case squarely pertains to contractual disputes between the informants and opposite parties (OPs), without any competition issue involved therein, the regulator said in an order last week.
"As such, the facts of the case do not highlight any competition issue which requires intervention of the Commission. Accordingly, an assessment of the alleged abusive conduct of any of the OPs under Section 4 of the (Competition) Act is not required," it added.
Section 4 pertains to abuse of dominant market position.