A PYMNTS Company

India Dismisses Unfair Business Practices Complaint Against SBI

By  |  May 14, 2020

Fair trade regulator the Competition Commission of India (CCI) on Thursday, May 14, dismissed a complaint alleging abuse of dominant position by SBI and collusion with Patanjali Ayurveda and International Traders in a bidding process.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The order came on the complaint filed by RH Agro Pvt Ltd, a large scale basmati rice manufacturer. The matter pertains to auctioning of RH Agro’s property by State Bank of India (SBI) after its account was classified as non-performing asset (NPA).

    RH Agro’s manufacturing plant at Sonepat, Haryana had been extended as primary security to a consortium of banks for availing term loan and working capital requirement for its business. However, after the firm’s payments were constrained in 2012-13, the primary security was shut down and seized by SBI. 

    The complainant’s account was declared as NPA and valuation of land, building, and assets was also undertaken.

    Full Content: Deccan Herald

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.