Etihad contemplates paying Rs 1 crore fine slapped by CCI

After the Competition Commission of India (CCI) slapped Etihad with a penalty of Rs 1 crore , the Abu Dhabi airline is now considering paying the entire sum. The CCI had slapped a Rs 1 crore penalty citing non-disclosure of specific information while getting regulatory approvals. The information mentioned was pertaining to the Jet Airways  -Etihad deal with respect to the Heathrow slots. There were three landing Heathrow slots that Jet has sold to Etihad as a part of the deal. This had been done before the 24 percent equity sale had happened and the slots were essentially meant to be leased back to Jet Airways . Hence the legal team is now going through all the details, but they are likely to be making the penalty.

The timeline that CCI has given to them is around 60 days, January 2014 is the possible timeframe. Sources have also claimed that the CCI has given them a clarity that the penalty is over and above the nod that had been already given by them for the Jet-Etihad deal. On contacting, Etihad said it is evaluating the CCI’s notification and that it would be inappropriate to comment any further.
Read News In full 27/12/13 moneycontrol.com