October 25, 2021

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The World Stock Markets Tips & Targets, News, Views & Updates

CCI slaps penalties upon 2 firms for bid rigging in GAIL tender

The Competition Commission of India (CCI) passed a final order against two firms – PMP Infratech Pvt Ltd and Rati Engineering – for indulging into concerted practices leading to bid rigging of a tender floated by in 2017-18 for the restoration of well sites located in Ahmedabad and Anand areas of Gujarat.

Based on investigation and electronic/documentary evidence collected by its Director General as well as other evidence available on record, the found that the two firms were in regular touch with each other regarding the tender floated by and even after the submission of their bids.

Further the bids of two firms were submitted from same IP address from the premises of PMP Infratech Pvt Ltd’s office at Ahmedabad, with a one-day gap.

The has found that such conduct contravened the provisions of Section 3(3)(d) read with Section 3(1) of the Competition Act, 2002 which prohibit anti-competitive agreements, including bid rigging.

It imposed a monetary penalty of Rs 25 lakh on PMP Infratech, Rs 2.5 lakh on Rati Engineering and Rs 1 lakh and Rs 50,000 on their respective individuals who managed and controlled the firms, besides passing a cease-and-desist order.

–IANS

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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