Apollo Tyres Ltd has announced about the following facts relating to Apollo Tyres South Africa (Pty.) Ltd. (ATSA), a wholly-owned-subsidiary of Apollo Tyres Ltd.:-
- Consequent upon declaration of a General Strike in tyre industry in South Africa, the workers of both the plants at Durban and Ladysmith of ATSA have also gone on strike.
- ATSA has received notice of a referral to the Competition Tribunal of a complaint by the Competition Commission dated August 31, 2010 alleging anti-competitive conduct by tyre manufacturers, including ATSA and recommending imposition of an administrative penalty of 10% of turnover for the year 2008.
The Company have been advised that ATSA have submitted all the information to the Competition Commission in a transparent manner during the course of enquiry and have fully co-operated with their investigation to date. ATSA is in process of defending the case at the level of Competition Tribunal by taking suitable legal advice.