JK Tyre files appeal before NCLAT against CCI order; Stock dips 2%

30 Mar 2022 , 03:11 PM

JK Tyre & Industries Limited has filed an Appeal before the National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India (CCI) Order dated August 31, 2018.

The CCI on February 2, 2022, had published an Order dated August 31, 2018 for alleged contravention of Section 3 of the Competition Act, 2002 against JK Tyre and certain other domestic tyre manufacluring companies and had imposed a penalty of Rs309.95 crore on the Company.

The company further said that since the aforesaid order dated August 31, 2018 also imposed a penalty of Rs16,45 Lakh under Section 48 of the Competition Act, 2002 against Director & President – International Operations of the Company (namely Arun K. Bajoria), Bajoria has also now filed an appeal before the NCLAT against the said order dated August 31, 2018.

“We strongly reiterate that there has been no wrongdoing on the part of JK Tyre & lndustries Ltd. and want to reassure all the stakeholders that the Company has never indulged in or was part of any cartel or undertook any anti-competitive practices,” company said in a filing on Tuesday.

In the alst half hour of trade on Wednesday, JK Tyre & Industries Ltd was trading at Rs116.45 per piece down by Rs2.8 or 2.35% from its previous closing of Rs119.25 per piece on the BSE.