The effectiveness of fair trade regulator Competition Commission of India (CCI) has taken a hit as it was yet to realise a majority of the penalties it had imposed, former CCI head Vinod Dhall said here Tuesday.
Dhall said the payments were being delayed as petitioners had approached the judiciary.
"Out of the Rs 8,000 crore penalty, almost everybody has gone in for an appeal. Very few fines have actually been deposited so far," Dhall said here.
The CCI had imposed a penalty of Rs.8,013 crore across 19 cases since its inception four years ago.
"Judicial process ensures fairness, but it also delays matters considerably and reduces the effectiveness of the commission," Dhall said at an interactive session, organised by the Institute of Cost Accountants and industry body Assocham.
"The orders of the regulators were aimed at correcting situations like cartels emerged in the market," he added.
Dhall said the payments were being delayed as petitioners had approached the judiciary.
"Out of the Rs 8,000 crore penalty, almost everybody has gone in for an appeal. Very few fines have actually been deposited so far," Dhall said here.
The CCI had imposed a penalty of Rs.8,013 crore across 19 cases since its inception four years ago.
"Judicial process ensures fairness, but it also delays matters considerably and reduces the effectiveness of the commission," Dhall said at an interactive session, organised by the Institute of Cost Accountants and industry body Assocham.
"The orders of the regulators were aimed at correcting situations like cartels emerged in the market," he added.