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Glenmark Pharmaceuticals to file appeal before NCLAT against CCI penalties

CCI on July 13 had imposed penalties of nearly Rs 470 mn on Glenmark pharma along with other pharma companies and four Gujarat based chemists associations for indulging in unfair business practices

Press Trust of India  |  New Delhi 

Glenmark Pharmaceuticals to file appeal before NCLAT against CCI penalties

Drug firm on Tuesday said it will file an appeal against the order of the (CCI) before the National Company Law Appellate Tribunal, which imposed penalties of Rs 470 million on Glenmark Pharmaceuticals, its three officials, two other pharma 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 against the Chemist & Druggist Association of Baroda including pharma 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 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.

Shares of were on Tuesday trading 2.07 per cent higher at Rs 563 per scrip on the

First Published: Tue, July 17 2018. 15:13 IST
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