Car maker Hindustan Motors Ltd Thursday said there will not be any material impact on the company by the fine of Rs.13.85 crore levied on it by the Competition Commission of India (CCI).
In a filing with the Bombay Stock Exchange (BSE), the company said it came to know about the fine from the media "as there was not prior date intimated by CCI for pronouncing the judgement".
"The company has not yet received any formal certified copy of the judgment. Further, the company is examining the order as appearing on the website of CCI and will take appropriate steps as may be advised to protect its interest," it said.
"However, at the preliminary observation of the order, it appears that there would not be any material impact on the Company," Hindustan Motors added.
On Aug 25, the CCI had fined 14 car makers Rs.2,544.65 crore for violating the competition law.
The CCI's hefty penalty came after it found that these car makers have restrictive practices that prevent independent repairers coming into the market.