Of Rs 1346.46 crore
Tata Motors announced that the Company has received an order dated 25 August 2014 from the Competition Commission of India (CCI) being one of the 14 Passenger Vehicle Manufacturers wherein a penalty of 2% of the average annual turn-over for the years FY 2007-08, 2008-09 and 2009-10 has been imposed.Out of the total penalty levied on 14 Passenger Vehicle Manufacturers of aggregating Rs.2,544.65 crore, the penalty levied to Tata Motors is Rs.1,346.46 crore being on the consolidated global turnover of the Tata Motors Group (instead of turnover only pertaining to Passenger Vehicle Business, in India).
The Order pertains to proceedings initiated by CCI in 2011 for investigating the conduct of several leading Passenger Vehicle Manufacturers alleging restricted covenants imposed by them for supply of spare parts and other diagnostic tools in the after-market. In its Order the CCI has directed the 14 Passenger Vehicle companies to undertake in India compliances and filing of a report within 180 days.
The Company would be filing an appeal against this order before the appropriate authorities.
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