Hyundai Motor India Fined US$13.5 Million

By Shakir Husain NEW DELHI, June 15 (Bernama) -- The Competition Commission of India (CCI) has imposed a fine of 870 million rupees (US$13.55 million) on Hyundai Motor India Ltd (HMIL) over the carmaker's alleged unfair business practices. The competition watchdog accused the South Korean carmaker's local unit of indulging in "anti-competitive conduct" by imposing on its dealers arrangements that included monitoring of the maximum permissible discount levels. HMIL also mandated its dealers to use recommended lubricants and oils, the watchdog said in its order on Wednesday. CCI said the penalty has been levied at 0.3 per cent of the average relevant turnover of HMIL of the preceding three years. In a statement Thursday, HMIL said it would contest the order. "We are studying the order in detail and will take the necessary course of action to challenge the order at the appropriate level to protect the interest of our customers and channel partners by abiding (with) all the laws of the land," the company said. -- BERNAMA