Excel Crop Care Limited v. Competition Commission Of India

We have heard the learned counsel for the parties at length on the question of interim relief. In Appeal No. 81 of 2012 the total penalty ordered by the CCI is Rs. 252.44 Crores whereas in Appeal No. 79 of 2012 and Appeal No. 80 of 2012 the total penalty ordered is Rs. 63.90 Crores and Rs. 1.57 Crores. Learned counsel addressed us extensively on the scope of Section 27(b) and more particularly the proviso thereof. The CCI found this to be a cartelizing exercise. Considering the profitability of this particular transaction, the seriousness of the allegation made against the appellants that is of cartelizing, we are of the considered opinion that there shall be a stay of penalty on condition that all the appellants deposit 10% of the penalty amounts which would be Rs. 25.244 Crores (Appeal No. 81 of 2012), Rs. 6.39 Crores (Appeal No. 79 of 2012) and Rs. 15.7 Lakhs (Appeal No. 80 of 2012). The deposits shall be in the name of the Registrar of this Tribunal by way of Fixed Deposits of the scheduled Banks. The fixed deposit receipts shall be in the custody of the Registrar. The Fixed Deposit shall be for one year. The parties shall comply with this order within eight weeks from today. Any default in this shall entail cancellation of the said order forthwith without notice to the parties. List the matter on 27 September, 2012.