Drug firm Glenmark Pharmaceuticals on Tuesday said it will file an appeal against the order of the Competition Commission of India (CCI) before the National Company Law Appellate Tribunal, which imposed penalties of Rs 470 million on Glenmark Pharmaceuticals, its three officials, two other pharma companies and four Gujarat-based chemists associations for indulging in unfair business practices on July 13.
Besides that, a carry and forward (C&F) agent had also been penalised.
M/s Reliance Medical Agency had filed a complaint with the CCI against the Chemist & Druggist Association of Baroda including pharma companies and C&F agents alleging that prior to being appointed as stockist they were required to obtain NoC from the local Chemist and Druggist Associations in Gujarat, Glenmark said in a BSE filing.
"The Commission has relied on findings of the Director General and held that Glenmark is mandating no-objection certificates (NoC) from the trade associations for stockist appointment," it added.
Glenmark disagrees with the findings of the Commission. While there is no material impact of the order, the company will file an appeal before the National Company Law Appellate Tribunal (NCLAT), the drug maker said.