News By/Courtesy: Nikhil Verma | 07 Jun 2019 23:17pm IST

HIGHLIGHTS

  • Himalayan drug was penalized Rs. 18.59 crores
  • Three seniors officialdom were penalized a total of around Rs. 4 lakhs
  • Intas Pharmaceuticals was imposed a penalty of Rs.55.59 crores and its authorities were charged Rs. 11.78 lakhs in total

The Competition Commission of India has imposed a penalty of Rs. 74 Crore on two pharmaceuticals firms that is Himalaya Drug Company and Intas Pharmaceuticals-together with its senior officials along with two Madhya Pradesh related drug groupings for involving in anti-competitive marketing practices. The two drug corporations are Madhya Pradesh Chemists and Druggist Association (MPCDA) and Indore Chemist Corporation (ICA) according to an order by the Competition Commission of India.

The equitable trade regulator found both the drug corporations and Pharmaceuticals concerns accountable for directing the need of obtaining the No Objection Certificate before the appointment of merchandiser which resulted in curbing and regulating the supply of Medicines and Drugs in Madhya Pradesh. An order of June 3 in which regulator stated that the deed of organizations breached clause 3 of the Competition statute which is related to the anti-competitive agreement. Competition Commission of India observed that in spite of directing the pharmaceuticals companies not to promote such practices of the corporations and instructed the companies to bring to the cognizance of the commission any type of anti-competitive activity being impelled upon them by the trade federations pharmaceuticals concerns have been unsuccessful to display such capacity.

According to the order of Competition Commission of India, Himalayan drug was penalized Rs. 18.59 crores while three seniors officialdom were penalized a total of around Rs. 4 lakhs. Also, Intas Pharmaceuticals was imposed a penalty of Rs.55.59 crores and its authorities were charged Rs. 11.78 lakhs in total.

Section Editor: Puja Jakhar | 07 Jun 2019 23:27pm IST


Tags : #CompetitionCommissionIndia #CCI #IntasPharmaceuticals #HimalayanDrug

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