Categories: Business

Complaint of unfair trade activity against SBI, Patanjali dismissed

State Bank Of India
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new Delhi. The Competition Commission of India on Thursday dismissed the complaint filed against State Bank of India for illegally taking advantage of its strong position in the market and colluding in the bidding process against Patanjali Ayurved and International Traders. Basmati rice company RH Agro Private Limited filed this complaint against SBI. The case is related to auctioning the assets of the company after the State Bank declared its debt as NPA. RH Agro says the bank valued it at Rs 70 crore for its asset auction. Whereas, in July 2016, when the company got a valuation from a government recognized assessor, it was valued at Rs 121 crore. State Bank of India said in January 2015 that the valuation at current price is Rs 141.65 crore. The bank then put it up for e-auction in 2016. The company has a manufacturing plant in Sonepat, Haryana. In this auction, Patanjali Ayurved and International Traders bid. Patanjali Ayurved later bought it with the highest bid for Rs 69,72,50,000.

RH Agro alleges that Patanjali had made available arrangements for the international traders for the auction. In this way, the two companies mutually showed that both are bidding separately.

This post was published on May 14, 2020 10:28 pm

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