The penalty amount translates to four percent of averageof Adani Gas's turnover for the last three financial years.
Fair trade watchdog CCI has imposed a penalty of more than Rs 25 crore on Adani Gas for violating competition norms by abusing its dominant market position. Adani Gas is a subsidiary of Adani Enterprises , which is part of diversified Adani Group . The Competition Commission of India's (CCI) ruling has come on a case related to supply and distribution of natural gas by Adani Gas Ltd in Faridabad.
A fine of Rs 25.67 crore has been imposed on Adani Gas for abusing dominant position, the regulator said in a statement today. The penalty amount translates to four percent of averageof Adani Gas's turnover for the last three financial years. Adani Group did not immediately comment on the matter.
Besides directing Adani Gas to cease and desist from unfair practices, the CCI has asked the company to modify the Gas Sales Agreements (GSAs). The case was taken up by CCI following information filed by Faridabad Industries Association and the final order was passed on July 3. The CCI found that Adani Gas to be in "dominant position in the relevant market of supply and distribution of natural gas to industrial consumers in the district Faridabad, Haryana", according to the release.
The watchdog has held that Adani Gas violated competition norms by imposing "unfair conditions upon the buyers under Gas GSA". "Apart from issuing a cease and desist order against Adani Gas Ltd, the CCI directed modification of GSAs in light of the findings and observations recorded in the order," the statement said.
Adani Enterpris stock price
On July 07, 2014, Adani Enterprises closed at Rs 500.90, up Rs 2.00, or 0.40 percent. The 52-week high of the share was Rs 585.00 and the 52-week low was Rs 126.05.
The latest book value of the company is Rs 92.64 per share. At current value, the price-to-book value of the company was 5.41.
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