Zee Media Bureau
New Delhi: Ignoring threat posed by Monsanto, world’s largest seed company, central government trimmed the royalties paid by local firms for company’s genetically modified cotton seeds by about 70 percent on Wednesday.
The latest development came following complaints from local seeds companies that Mahyco Monsanto Biotech (India)(MMB), a Monsanto joint venture with India's Mahyco, was charging high royalties.
Post this, the agriculture ministry formed a panel to look into the matter.
MMB has filed a case in a Delhi court, challenging the authority of the panel to determine the trade fee agreed upon by MMB and a number of Indian seed companies.