CCI Imposes Fine on Thomas Cook, Sterling Holiday Resorts

• Penalty of Rs.1 cr has been imposed on Thomas Cook and Sterling Holiday Resorts by the Competition Commission of India (CCI)
• Imposition is on carrying out market purchases on certain deals before seeking fair trade watchdog’s approval
• The fine was on Thomas Cook Insurance Pvt Ltd on a deal involving merger of Sterling Holiday Resorts (India) with travel firm Thomas Cook (India) amounting of Rs.870 cr cleared by CCI
• The three entities have received a notice market purchases, being part of the composite combination and did it without informing the CCI
• The entities claim that they have informed CCI soon after the purchase
• According to Thomas Cook’s regulatory Considering the facts and circumstances of the case, the Commission…considered it appropriate to impose a relatively nominal penalty,” Thomas Cook said in the filing to the BSE
• Read at: http://www.thehindu.com/todays-paper/tp-business/cci-imposes-fine-on-thomas-cook-sterling-holiday-resorts/article6158677.ece

Exams Perspective:

1. Competition Commission of India (CCI)
2. Competition Appellate Tribunal (COMPAT)