NCLAT stays Rs 171.55 cr penalty on Eveready

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Kolkata, May 9 (IANS) Battery maker Eveready Industries on Wednesday said the National Company Law Appellate Tribunal (NCLAT) put a stay on the Rs 171.55 crore penalty order imposed on the company by the Competition Commission of India (CCI).

The NCLAT also directed the company to deposit 10 per cent of the penalty amount within 15 days with its Registry.

“The company preferred an appeal and stay application before the NCLAT, New Delhi, against the CCI’s Order dated April 19.

“The same was listed today (Wednesday) and the NCLAT was pleased to stay the penalty with the direction of depositing 10 per cent of the penalty amount within 15 days with the Registry of the NCLAT,” it said in a regulatory filing.

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“We are awaiting the order of the NCLAT and would be complying with the same, as applicable.”

The Competition Commission, in a suo moto case against the city-based company and others, passed an order imposing the penalty in April.

–IANS

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