The Competition Commission of India (CCI) has imposed a fine of Rs 420 crore on the local unit of Hyundai Motor Co as it was engaged in anti-competitive practices. The CCI has notified Hyundai to deposit the penalty within 60 days from the order date. CCI also had found other carmakers like Mahindra Reva Electric Car Company and Premier Ltd in violation of competitive practices but did not impose fine on them.
CCI decided to impose a penalty of 2% of the average annual turnover for three financial years in India, resulting in a fine of Rs 420.26 crore.
About CCI
Headquarters: New Delhi
Chairperson: Ashok Chawla
- CCI is a quasi-judicial statutory body whose predecessor was the MRTPC (Monopolies and Restrictive Trade Practices Commission).
- It was established on 14 October 2003. It became fully functional in May 2009 with Dhanendra Kumar as its first Chairman.
- It was established with an aim to eliminate anti-competitive practices that adversely affect competition in different industries/areas and protect interests of consumers and ensure freedom of trade and also to give opinions to statutory authorities.
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