CCI slaps Rs 1 crore fine on Etihad in Jet Airways deal

NEW DELHI: The Competition Appellate Tribunal (Compat) issued notices on Thursday to the competition regulator, Jet Airways and Etihad Airways on a plea against the approval of the acquisition of a 24 per cent stake in the Indian carrier by the United Arab Emirates airlines.

This followed former executive director of Air India Jitendra Bhargava challenging clearance to the deal by the Competition Commission of India (CCI). Compat will hear the case on January 9. It rejected Bhargava's appeal for a stay on the CCI approval for the proposed stake sale. "The tribunal would want... to hear both the parties on merits before deciding on the matter," the Compat bench said.

Separately, CCI has imposed a penalty of Rs1 crore on Etihad Airways under Section 43 of the Competition Act for completing parts of the deal even before the regulator could approve the proposed transaction. Bhargava had last week filed two separate appeals with the tribunal. One said the deal would have an adverse effect on competition in India.
Read News In full   ET Bureau | 19 Dec