Fair trade watchdog Competition Commission of India (CCI) has imposed a total penalty of Rs 2 crore on Deepak Fertilizers and its subsidiary SCM Soilfert for violating competition norms with regard to their stake purchases in Mangalore Chemicals and Fertilizers (MCFL). Deepak Fertilizers and its subsidiary have been penalised for not giving notice to CCI regarding their acquisition of 24.46 per cent in MCFL which happened in July 2013.
Deepak Fertilisers and Petrochemicals Corporation is one of the leading manufacturers of industrials chemicals and fertilizers in India. The company operates in three business segments – Chemicals, Fertilizers and Realty.