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United Phosphorus and two others fined Rs 317.91 crore for cartel

 |  April 24, 2012

The Competition Commission of India has fined three manufacturers of aluminum phosphide tablets a combined total of Rs 317.91 crore. Aluminum phosphide tablets are used for preserving central pool food grain by the Food Corporation of India (FCI). Following a complaint submitted by FCI to the CCI, the Commission found that the manufacturers had engaged in cartelization and price fixing.

United Phosphorus was fined the lion’s share of the penalty, at Rs 252.44 crore. Excel Crop Care was fined Rs 63.90 crore; Sandhya Organics was fined Rs 1.57 crore. The fines were calculated at 9 percent of each company’s turnover of the last three preceding financial years.

Full content: Economic Times


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