Glenmark to appeal against CCI order before NCLAT

New Delhi: Drug firm Glenmark Pharmaceuticals today said it will file an appeal against the order of the Competition Commission of India (CCI) before the National Company Law Appellate Tribunal.

On July 13, CCI had imposed penalties totalling nearly Rs 47 crore on Glenmark Pharmaceuticals, its three officials, two other pharma companies and four Gujarat-based chemists associations for indulging in unfair business practices.

Besides, a carry and forward (C&F) agent had also been penalised.

M/s Reliance Medical Agency had filed a complaint with the CCI against the Chemist & Druggist Association of Baroda including pharma companies and C&F agents alleging that prior to being appointed as stockist they were required to obtain NOC from the local Chemist and Druggist Associations in Gujarat, Glenmark said in a BSE filing.

"The Commission has relied on findings of the Director General and held that Glenmark is mandating no-objection certificates (NOC) from the trade associations for stockist appointment," it added.

Glenmark disagrees with the findings of the Commission. While there is no material impact of the order, the company will file an appeal before the National Company Law Appellate Tribunal (NCL AT), the drug maker said.

Shares of Glenmark Pharmaceuticals were today trading 2.07 per cent higher at Rs 563 per scrip on the BSE.