"The parties have been directed to cease and desist from indulging in anti-competitive conduct. A total penalty of over Rs 11,81 crore imposed on the 10 parties. Penalty was also imposed on the eight officials of the said parties who were found to be liable in terms of Section 48 of the Act," according to a statement.
Coal India's one of the subsidiaries, Western Coalfields Limited, had approached the commission alleging bid-rigging by transportation companies upon noticing identical price quotes given by them in four tenders floated for coal and sand transportation.
It was alleged that the conduct of submitting identical bids at higher rates is a blatant act of bid rigging.
The Commission after hearing the parties concluded that they were in agreement to fix prices resulting in bid-rigging in the tenders floated by the coal company.
In its order, it noted that such conduct in public procurement besides defeating the tendering process has an adverse impact on the process of competition resulting in deprivation of efficient outcomes that would have followed otherwise.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.