Competition Appellate Tribunal reduces over 90% of penalty amount on Excel Crop Care

The Competition Appellate Tribunal has reduced the penalty by more than 90%, imposed by the Competition Commission of India on Excel Crop Care. Consequently, the amount of penalty has been reduced to Rs 2.92 crore from Rs 63.90 crore.

The Competition Appellate Tribunal has pronounced an Order on the company’s appeal challenging the penalty of Rs 63.90 crore imposed by the Competition Commission of India on the company.

Excel Crop Care is engaged in agrochemical business and has reported over three-fold jump in net profit at Rs 23.24 crore for the second quarter ended September 2013 against Rs 7.60 crore in a year ago quarter.