The CCI has imposed a ₹1,788 crore penalty on Apollo, MRF and other tyre manufacturers. An appeal against the CCI ruling was lodged with the Madras High Court, but it was denied on January 6th of this year.
The Competition Commission of India (CCI) announced today that the Supreme Court has dropped a case brought by tyre businesses challenging the regulator's order imposing fines totaling over ₹1,788 crore for cartelization.
Apollo Tyres was fined ₹425.53 crore, MRF Ltd was fined ₹622.09 crore, CEAT Ltd was fined ₹252.16 crore, JK Tyre was fined ₹309.95 crore, and Birla Tyres was fined ₹178.33 crore by the CCI. It also demanded that they stop engaging in unethical business activities.
In August 2018, the watchdog fined Apollo Tyres, MRF, CEAT, Birla Tyres, JK Tyre and Industries, and the Automotive Tyre Manufacturers Association a sum of ₹1,788 crore (ATMA).
The tyre makers have shared price-sensitive statistics and made group decisions on tyre pricing throug...