NCLAT stays Rs 200 crore penalty imposed by CCI on Maruti Suzuki
Appellate tribunal NCLAT has stayed the Rs 200-crore penalty imposed by the Competition Commission on Maruti Suzuki but directed the car maker to deposit 10 per cent of the total amount within three weeks.
The amount has to be deposited with the Registrar of the National Company Law Appellate Tribunal (NCLAT).
A three-member NCLAT bench stayed the demand notice issued on October 27 to the car maker, subject to the condition of depositing 10 per cent of the penalty amount.
Passing an order, the appellate tribunal has also directed to list the petition filed by Maruti Suzuki India against the regulator “for admission” on December 15.
On August 23, the Competition Commission of India (CCI) imposed a penalty of Rs 200 crore on MSIL for restricting discounts offered by its dealers and directed the country’s largest car maker to cease and desist from indulging in unfair business practices.
The Maruti-Toyota joint venture to scrap cars was inaugurated on Tuesday.
Maruti Suzuki Toyotsu India Pvt Ltd’s 10,993 square metre facility has a capacity to scrap and recycle over 24,000 ELVs (end of life vehicles) annually.
According to the company’s statement, built with an investment of over Rs 44 crore, the facility uses modern and technologically advanced machines to dismantle and scrap ELVs .
Maruti Suzuki Toyotsu was established in 2019 as a 50:50 joint venture between Maruti Suzuki India Ltd and Toyota Tsusho Group and Toyota Tsusho India Pvt Ltd.
The plant is located in Noida.