CCI has imposed Rs 8,000 cr penalty in 19 cases: Par
New Delhi: Competition watchdog CCI has imposed a collective penalty of over Rs 8,000 crore in 19 cases for alleged anti-competitive practices till the end of financial year 2012-13, Parliament was informed on Monday.
As on March 31, 2013, Competition Commission of India (CCI) had received a total of 347 cases regarding violations of anti-competitive practises, Corporate Affairs Minister Sachin Pilot said in a written reply to Rajya Sabha.
Of this, the Commission has closed 262 cases, in 28 cases 'cease and desist' orders have been passed, while in 19 cases, total penalties of Rs 8,013 crore have been imposed along with cease and desist orders, he added.
According to Competition Act, the CCI can issue 'cease and desist' order to refrain the company from pursuing any anti-competitive practices.
In reply to another question, Pilot said that a total of Rs 55.67 crore undisbursed funds in the last fiscal have been credited to Consolidated Fund of India.
During the 2001-2012, Rs 637.17 crore had been credited to the Consolidated Fund of India.
The government has established Investor Education and Protection Funds (IEPF) through which unclaimed funds on account of dividends, matured deposits, matured debentures and share application money are transferred to the government by the company on completion of seven years.