Hindustan Motors clarified on news report titled, "CCI fines 14 carmakers Rs 25 billion for manipulating parts market" in Economic Times.
The company said, "We would like to inform you that the article in Business Standard and Economic Times (Mumbai) both dated Aug. 26, 2014 was in connection with judgment and order dated Aug. 25, 2014 by CCI holding 14 car manufacturers to be in default of Sections 3 and 4 of the Competition Act. The Company is one of the parties against which the order has been issued. The CCI has levied a fine of Rs 138.5 million on the company.
The company came to know about the judgment of CCI only through print media as there was no prior date intimated by CCI for pronouncing judgment. The company has not yet received any formal certified copy of the judgment. Further, the company is examining the order as appearing on the Website of CCI and will take appropriate steps as may be advised to protect its interest. However, at the preliminary observation of the order it appears that there would not be any material impact on the company.
In view of the above, the company has not intimated to the stock exchanges in terms of clause 36 of the listing agreement. The company will keep the stock exchanges informed of any adverse development in the matter."
