CCI fines 7 companies for cartels and irregularities in railway tenders

New delhi date. Thursday, June 9, 2022

The Competition Commission of India (CCI) has fined seven companies for cartelization and irregularities in railway tenders.

The Competition Commission of India (CCI) has imposed a fine of up to 5 per cent of the average turnover of guilty companies and individuals for violating the provisions of the Competition Act, a statement said. However, the names of the companies and individuals who have been fined by the Competition Commission have not been disclosed.

The CCI said it had involved seven companies as well as ten of them in direct or indirect pricing in the supply of protective tubes to Indian Railways, allocating tenders, controlling supply and market, influencing bidding prices and creating cartelisation in the bidding process.

The lawsuit was settled out of court, according to the lawmaker.