Faced with over Rs 43 lakh penalty for unfair business practices, Indian Jute Mills Association (IJMA) today said it is exploring legal options over the Competition Commission's ruling, which it termed as "bizarre".
The jute industry body also said the Competition Commission of India (CCI) has "totally ignored" submissions by it during the course of investigation.
IJMA Chairman Raghavendra Gupta described the Commission's order as "bizarre".
"The Commission has totally ignored the submissions put forward by IJMA over the last two and a half years and the order is merely a mirror image of the complaints that were filed by ISMA and AIFTMA and the DG (Director General) report. We are exploring our future legal options," Gupta told PTI.
The fair trade watchdog has penalised the association as well as its 24 executives for unfair business practices.
It was alleged that IJMA and GTA members were indulging in anti-competitive pact while fixing sale price of jute packaging material by issuing daily price bulletin for bags.
In its 71-page order, CCI said that IJMA and Gunny Trade Association (GTA) violated competition norms.
GTA as well as its executives have also been fined.
The CCI ruling came on a complaint filed by Indian Sugar Mills Association (ISMA), National Federation of Co-operative Sugar Factories Ltd and All India Flat Tape Manufacturers Association (AIFTMA).
The fair trade watchdog has also taken into account the findings of its investigation arm Director General (DG) before deciding on the case.
Apart from penalty, the Commission has directed IJMA and GTA to "cease and desist" from anti-competitive practices.
