New Delhi: The Competition Commission today imposed Rs 1 crore fine on Abu Dhabi-based Etihad for non-disclosure of full information in the course of seeking approval for its purchase of 24 per cent stake in Jet Airways.
The Rs 2,060 crore deal has been facing turbulence ever since it was announced in April. Earlier today, the Competition Appellate Tribunal (COMPAT) issued notices to the the Competition Commission of India (CCI) and Jet on a plea challenging the competition watchdog's clearance.
The penalty would not have any impact on the approval for the deal given by CCI last month. The competition regulator said it kept the quantum of fine low at Rs 1 crore after Jet and Etihad contended that they were unaware of the requirement for certain disclosures.
Dissenting with majority view, CCI member Anurag Goel in a separate order said the fine should be Rs 10 crore.
The CCI fine of Rs 1 crore relates to pacts entered into between the two carriers on February 26 for sale of three landing/take-off slots of Jet at London Heathrow Airport to Etihad (LHR transaction). It also includes the lease of the same slots back to Jet.
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