Business Desk, AnyTV, New Delhi
Published by: Deepak Chaturvedi
Updated Thu, 09 Jun 2022 05:04 PM IST
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The Competition Commission of India (CCI) has found seven firms guilty of factionalism and bid rigging in a tender of the Indian Railways and punished them by taking action of fine.
The CCI observed that the companies/firms were found to be directly or indirectly involved in fixing prices, allotting tenders, controlling supply and market, coordinating bid prices and supplying protective tubes to Railways by rigging the bidding process. Is. The regulator said the case was initiated on the basis of an application for file cum penalty by one of the companies involved in factionalism. According to the report, ten people of these seven companies have been found involved in this case. The CCI has said that if found guilty of violating the rules of the Competition Act, these companies have been fined five per cent of the average turnover.