to the Commission. In the present case, the parties filed before the Commission, the combination for approval on 1st May, 2013. In the combination, the parties made disclosure of all the agreements entered into between them including LHR transaction and CCA. Thus, it is apparent that there was no effort on the part of the parties to conceal the transactions from the Commission. The fact of consummation of LHR and CCA has also been gathered by the Commission only from the filings made by the parties. The contention of the parties is that they were under an impression that LHR was an independent transaction. This contention has not found favour with this Commission but the fact remains that the party was under an impression, though wrongly, that LHR transaction was an independent transaction and the party consummated LHR transaction. Notice of CCA was given to the Commission within the time limit prescribed by law. Some actions required to be taken under CCA were taken by the parties during pendency of the approval application before the Commission. However, it cannot be denied that the parties had been mending and changing transaction terms and conditions according to the advise/requirements of different regulators from time to time. This fact is also evident that one of the parties to the combination was in dire need of financial support being provided by the other party to the combination and it seems to have shown its willingness and bona-fides by taking steps in accordance with CCA during pendency of approval itself. These facts show that the conduct of the parties was not such so as to attract severe penalty and the conduct of parties in consummating LHR transaction and CCA was under the circumstances stated above. The Commission therefore considers that in the instant case, keeping in view the facts and circumstances, the penalty of INR one crore would serve the ends of the justice. The Commission, therefore, in exercise of powers under Section 43A of the Act imposes a penalty of INR 1,00,00,000 (Rupees one crore) on Etihad as the obligation to give notice to the Commission, as per Regulation 9 of the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations 2011, was on Etihad. Etihad shall pay the penalty within 60 days from the date of this order.
