Amarchand Mangaldas lost steady client Adani Gas’ case in the Competition Commission of India which fined the company Rs 25.67 crore ($4.3m) on the complaint of the Faridabad Industries Association (FIA). FIA was advised by advocate Sharad Gupta.
Amarchand Mumbai competition partner Nisha Kaur Uberoi and senior associate Gauri Chhabra acted for Adani which was penalised with 4 per cent of its average turnover of the last three years, for abusing its dominant position in the market to impose unfair conditions on buyers signing its Gas Supply Agreement (GSA).
Update: Advocate Aditya Sondhi was also listed as appearing for Adani in the order.
The FIA had alleged that Adani had:
“not only reserved to itself the unrestricted right to change/modify/revise the Contract Price and Excess Gas Price in an opaque and non-transparent manner, but was also revising gas prices arbitrarily and irrationally from time to time.”
The CCI observed that while the peculiarities of the gas industry made it impossible to have a fixed formula based pricing mechanism and gas prices were reasonably prone to fluctuations, certain clauses in Adani’s GSA were definitely unfair.
Comments
Poor Cyril's daughter... Wonder how she will tell her in laws her firm lost them the case...