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CCI issues order against Public Sector Insurance Companies for Bid Rigging

Dated:- 17-7-2015 - The Competition Commission of India(CCI)has imposed a total penalty of ₹ 671.05 crores upon 4 Public Sector Insurance Companies for manipulating the bidding process initiated by Government of Kerala for selecting insurance s .....

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ction 19(1) of the Competition Act, 2002 against National Insurance Co. Ltd., New India Assurance Co. Ltd., Oriental Insurance Co. Ltd. and United India Insurance Co. Ltd. alleging contravention of the provisions of section 3 of the Act which deals w .....

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f the Act. While imposing penalties, the Commission noted that the present case related to bid rigging in public procurement for social welfare schemes, the beneficiaries of which were BPL and poor families and as such the same was taken as an aggrav .....

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