Agri firm UPL Ltd on Wednesday said the COMPAT has reduced the penalty to Rs 6.94 crore as against Rs 252.44 crore fine imposed by competition regulator CCI in a case of alleged cartelisation and collusive bidding.
Mumbai-based UPL Limited (formerly known as United Phosphorus Limited) is a global generic crop protection, chemicals and seeds company.
In a filing to the Bombay Stock Exchange (BSE), UPL Ltd said, "We wish to inform you that vide its order dated October 29, 2013, the COMPAT (Competition Appellate Tribunal) has now reduced the penalty to Rs 6.94 crore."
The company had appealed before the COMPACT in July 2012 after the Competition Commission of India (CCI) had imposed a fine of Rs 252.44 crore on UPL Ltd and two other firms for alleged cartelisation and collusive bidding in a FCI tender in 2009 and collective boycott of another FCI tender in 2011.
State-run Food Corporation of India had issued tenders in 2009 inviting manufacturers for supply of 600 tonnes of almunium phosphide tablets, used for preservation of foodgrains.
Shares of UPL surged 1.75% to settle at Rs 159.95 apiece on the BSE today.
