M/s Ksd Zonne Energie LLP And Canara Bank Limited
Case brief
What is this about?
The Competition Commission closed the Information filed against Canara Bank alleging abuse of dominance and anti-competitive practices, including interest rate manipulation. Finding the bank lacked dominant market position and that interest rate changes were contractual or disputes regarding errors, the Commission held no prima facie case.
What did the court decide?
Rejected the reliefs sought under Section 33 of the Act as no prima facie case of contravention of Sections 3 and 4 was made out.
What the court decided
COMPETITION COMMISSION OF INDIA
Case No. 35 of 2024
In Re:
M/s KSD Zonne Energie LLP Through its Designated Partner: Mr. S. Kandasamy Registered office 5/273, MG Layout, Gandhinagar, Udumalpet, Tiruppur (Dt.), Tamil Nadu- 642154
Informant
And
Canara Bank Limited Head Office: 112, J C Road, Halsurpete, Nagarathpete, Bengaluru, Karnataka- 560002
Opposite Party
CORAM
Ms. Ravneet Kaur Chairperson
Mr. Anil Agrawal Member
Ms. Sweta Kakkad Member
Issues for consideration
3 issues framed by the court
Whether the respondent bank held a dominant position in the market for provision of banking and loan services in India as alleged.
Whether the arbitrary changes in interest rates and imposition of back interest by the bank constitute contravention of Section 3 and 4 of the Competition Act.
Whether a prima facie case of anti-competitive agreements or abuse of dominance is made out based on the available material.
Parties & counsel
- petitioner
M/s KSD Zonne Energie LLP
- respondent
Canara Bank Limited
Coram
Ravneet Kaur
Case details
As recorded by the court registry
- Court
- CCI
- Decided on
- · May
- Case no.
- 35/2024
- Topic
- Banking and Recovery
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