The Supreme Court of India has asked the Competition Commission of India (CCI) for a response regarding an appeal filed by MRF Ltd, one of the companies fined in a case related to alleged cartelisation and price manipulation in the tyre industry. The case, which began over a decade ago, saw the CCI impose penalties on several tyre companies in 2018. However, the National Company Law Appellate Tribunal overturned the order in December 2022 and directed the CCI to pass a fresh order, citing errors in calculation and the need to save the domestic tyre industry.
The Supreme Court of India has asked the Competition Commission of India (CCI) for a response regarding an appeal filed by MRF Ltd, one of the companies fined in a case related to alleged cartelisation and price manipulation in the tyre industry. The case, which began over a decade ago, saw the CCI impose penalties on several tyre companies in 2018. However, the National Company Law Appellate Tribunal overturned the order in December 2022 and directed the CCI to pass a fresh order, citing errors in calculation and the need to save the domestic tyre industry.
CEAT’s Q4 profit trebles to ₹153 crore
May 05, 2021
Anant Goenka, MD, CEAT Ltd×
Tyre-maker reports a revenue of ₹2,290 crore
CEAT Limited, an RPG Group company, has reported a three-fold growth in profits to ₹153 crore in the fourth quarter ended March 31, 2021 compared to ₹52 crore for the corresponding period last year. Revenues increased to ₹2,290 crore (₹1,577 crore).
Anant Goenka, Managing Director, CEAT Limited, said: “It has been a satisfactory year with record sales, especially in a year marked with uncertainty because of Covid-19.We gained market share in the Passenger Car Radial (PCR) and Truck Bus Radial (TBR) segment, encouraged by which we added new capacity to the TBR segment.”