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TMI BlogCCI Imposes Penalty of Rs.3.81 crore on Dr. L.H.Hiranandani Hospital, MumbaiX X X X Extracts X X X X X X X X Extracts X X X X ..... CCI Imposes Penalty of Rs.3.81 crore on Dr. L.H.Hiranandani Hospital, Mumbai - News and Press Release Dated:- 24-2-2014 - News - Competition Commission of India (CCI) has found Dr. L.H. Hiranandani Hospital, Mumbai in contravention of Section 3 of the Competition Act, 2002. The informant Mr. Ramakant Kini had approached CCI alleging anti-competitive conduct by Dr. L.H. Hiranandani Hospital in n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot allowing any other stem cell bank to enter its premises to collect stem cell of the child except M/s Cryobank with whom it had an exclusive agreement. Consequent upon detailed investigation by Director General, the Commission concluded that the exclusive agreement between the Dr. L.H. Hiranandani Hospital and M/s Cryobank was anti-competitive being in contravention of the provisions of sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 3(1) of the Act as it had caused an appreciable adverse effect on competition in the stem cell banking market. Accordingly, CCI, under Section 27 of the Act, has passed the following order:- (a) The agreement of OP hospital with Cryobank for the years 2011-12 and 2012-13 are declared null and void. (b) The OP hospital shall not enter into a similar agreement with any ste ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m cell bank in future. CCI also imposed a penalty of Rs. 3,81,58,303/- calculated at the rate of 4% of the average turnover of OP hospital. The penalty is to be deposited within 60 days of receipt of the order. Detailed order can be seen at CCI s website www.cci.gov.in - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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