Dozens Of Companies Fined For Deceptive Marketing
Fakhir Rizvi Published October 04, 2016 | 03:10 PM
ISLAMABAD, (UrduPoint / Pakistan Point News - 04th Oct, 2016 ) : The Competition Commission of Pakistan (CCP) has imposed penalty on private and public sector organizations for indulging in deceptive marketing practices in violation of Competition Act, 2010.
The CCP imposed penalty on Banking and finance, Agriculture and education sector organizations to curb the anti-law business practices and maintain transparency in the market, an official of CCP told APP here Tuesday.
Before slapping penalities on the companies, Competition Commission of Pakistan (CCP) conducted impartial investigation for maintaining transparency in market for evolving accountability mechanism.
The CCP has imposed Rs. 01 million on Institute of Charted Accountants of Pakistan, Rs.174 millions on Facto Cements, Rs. 586 million on Maple Leaf Cement, Rs. 405 Million on Pakistan Cement, Rs.50 million on LAG Association of Pakistan, Rs.
50 million on Pakistan Poultry Association (PA), Rs.
25 million on Pakistan Steel Mills Corporation, Rs. 5 million on Wheaten Telecom (ptv) Ltd, Rs. 50 million on National Bank of Pakistan (NAP), Rs.
50 million on Cinerea Bank Ltd, Rs. 50 million on United Bank Limited, Rs. 50 million on Allied Bank Ltd, Rs. 50 million Standard Charted Bank and Rs. 10 million on Silk Bank and Rs. 01 million on Telenor.
Replying to a question, he said that CCP is mandated under the Competition Act, 2010 to ensure fair competition in all spheres of commercial and economic activity. He said that CCP is committed to maintain transparency for enhancing economic efficiency and to protect consumers from anti- competitive practices including deceptive marketing.
He said the CCP continues to work towards promoting healthy competition in all spheres of commercial and economic activity and to protect consumers from anti-competitive behavior.
Related Topics
Recent Stories
SIU arrests robbery gang targeting bank customers
Asia Cricket Week from April 28
PSA World C'ships in May
Food Safety Authority raids hospitals' canteen across KP
US Fed's favored inflation measure accelerates in March
Kenya flood death toll since March climbs to 70: govt
Rafiq-ul-Hujajj Committee to organize 2nd training session for pilgrims in Abbot ..
Defence Minister leads Pakistan's delegation to Kazakhstan SCO moot
PRCS Chairman, Moroccan envoy discuss humanitarian relations
50pc cut in subsidy of BRT service likely: CM’s aide
Russia striking Ukraine railways to 'paralyse' army cargo: Ukraine source
Cop, suspected outlaw injured in police encounter
More Stories From Business
-
50pc cut in subsidy of BRT service likely: CM’s aide
44 minutes ago -
PSX gains 771 points
1 hour ago -
Pakistan, US hold 7th TIFA meeting to strengthen trade and investment ties
2 hours ago -
Meeting held to streamline trade between Pak-Afghan , Central Asian Republics
1 hour ago -
Coca-Cola invests an additional $22 million in Pakistan
2 hours ago -
SECP Introduces SECP-XS: A swift complaint resolution platform
2 hours ago
-
SBP to announce monetary policy on April 29
1 hour ago -
London stocks hit new record peak on takeovers
1 hour ago -
Rupee sees slight recovery against US dollar
1 hour ago -
Kitchen items’ prices ease as weekly inflation falls by 1.1%
4 hours ago -
Shipping Activity at Port Qasim
5 hours ago -
Yen falls further as Bank of Japan stands pat on rates
1 hour ago