- Competition Commission of India (CCI) has imposed a fine of around Rs. 2500 crore on Tata Motors, Maruti Suzuki and 12 other auto companies for theirs spare parts business found monopolistic and which allows them to sell spare parts high price. Initially, the complaint was lodged for three companies as Honda Cars India Ltd, Volkswagen India and Fiat India Automobiles Ltd as a report lodged by Shamsher Kataria that the car-makers are following anti-competitive practices by restricting the sale of the spare parts. On this Competition Commission of India imposes about Rs. 2500 crore penalty on Indian auto companies. Which are as following :-
Companies Viz Penalty
Tata Motors 1346.46 Cr
Maruti Suzuki 471.14 Cr
Mahindra & Mahindra 292.25 Cr
Toyota Kirloskar Motor 93.38 Cr
General Motors 84.58 Cr
Honda Siel 78.47 Cr
Skoda Auto India 46.39 Cr
Ford India Pvt Ltd 39.78 Cr
Fiat India Automobiles 29.98 Cr
Mercedez Benz 23.08 Cr
BMW India Ltd 20.41 Cr
Hindustan Motors 13.85 Cr
Volkswagen India 3.25 Cr
Nissan Motors 1.63 Cr
Mahindra & Mahindra and Tata Motors today said they would challenge the CCI penalty on them for violation.
- The construction of Mumbai Metro Phase III project as 32.5 km-long with budget of Rs 23,136 crore between Cuffe Parade in South Mumbai and SEEPZ, Andheri will begin in December 2014 and commissioned in 2019.
- Nepal and GMR are likely to ink first Power Development Agreement (PDA) between the two countries next month, a senior official said today.
- Kingfisher Airlines yesterday moved to the Delhi High Court against Punjab National Banks notice alleging the carrier has willfully defaulted in payment of outstanding dues of over Rs 7.7 billion.
- Larsen & Toubro and Bangladesh Power Development Board signed a contract to set up a 225 MW, gas-based power plant at Sikalbaha, Chittagong in Bangladesh.
- The Indian government will spend Rs 200 billion to provide mobile connectivity in 55,000 villages, which are still untouched by wireless telephony. This project will commission in the next five years.
- The 17 nos of industrialists take part in a bilateral meeting of India-Japan Business Leaders’ Forum (IJBLF) on September 1, which would be co-chaired by Chairman of Bharat Forge Baba Kalyani. In this meeting Mukesh Ambani, Gautam Adani and 15 other leading industrialists will be part of the delegation with Prime Minister Narendra Modi on his first major bilateral visit, outside the sub-continent, to Japan this week.
- Prime Minister Narendra Modi set up a committee to identify “obsolete” laws which he believes hamper governance by creating “avoidable confusion”.
- The government notified the LBDI (liberalized Foreign Direct Investment) norms for the Railways will be permitting 100% FDI through automatic route in several areas, including high speed trains.
- Indian women’s hockey team is aiming for a winning in the 17th edition of the continental event “Asian Games” to be held in Incheon, South Korea from 19th September 2014 to 4th October 2014.
- Nick Clegg, British Deputy PM visit sees British Brands including Lush and Pavers Shoes sign trade deals with India.
- The Supreme Court rejected DLF’s appeal against Rs 630 crore penalty imposed by the Competition Commission of India.
- Air India website crashes on day 1 of its grand Rs 100-per-ticket sale