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18 Textiles firms under CCI’S scanner

Written By Views maker on July 15, 2011 | 7/15/2011

CNN-IBN has reported that about 18 textile companies are under CCI’s(The Competition Commission of India) Scanner for forming a cartel by synthetic fibre manufacturers. The probe includes textile companies like Bombay Dyeing , Century Rayon, Grasim Industries and Modipon .  The CCI is suspecting of dividing the market among themselves under an agreement to control supply & price etc and misusing the dominant position that they are enjoying currently.

Cartel :

Cartel is defined in section 2, sub section (c) of the Act (COMPETITION ACT, 2002) states: '(c)"Cartel" includes an association of producers, sellers, distributors, traders or service providers who, by agreement amongst themselves, limit, control or attempt to control the production, distribution, sale or price of, or, trade in goods or provision of services;'

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