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Hyundai Motor India fined Rs 87 Crore by CCI for Unfair Business Practices
Posted on: 15-06-2017 , 01:32:PM | DY365 Bureau

 Image for representational purpose only. Source : Internet

A fine of Rs 87 Crore have been levied on Hyundai Motor India for unfair business practices with respect to providing discounts for cars.

The penalty has been imposed by the Competition Commission of India.

Hyundai has been alleged that it has discount control mechanism whereby dealers are permitted only to provide a maximum permissible discount and not beyond the recommended range.

But Hyundai didn’t adhere to this regulation and didn’t comply with the discount scheme.

The Competition Commission of India said that, "Such conduct pertains to and emanates out of sale of motor vehicles. Hence, for the purposes of determining the relevant turnover for this infringement, revenue from sale of motor vehicles alone has to be taken into account. The penalty amount translates to 0.3 per cent of the company's average relevant turnover in the last three financial years from 2013-14."

 
 

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