The National Company Law Appellate Tribunal (NCLAT) has stayed a CCI order that imposed a penalty on state-owned power producer NTPC for not disclosing the acquisition of a 35.47 per cent equity share capital in Ratnagiri Gas & Power Private Ltd.
The Competition Commission of India on August 22 imposed a penalty of Rs 40 lakh on NTPC.
NTPC challenged this before the NCLAT, which is an appellate authority over the orders passed by the Competition Commission of India (CCI).
A two-member bench directed to list the matter on February 27, 2024, for the next hearing on NTPC’s appeal and stayed the operation of the order passed by the CCI.
“Till the next date of hearing the operation of the impugned order dated 22.08.2023 passed by the CCI shall remain stayed,” NCLAT said earlier this week.
The NCLAT directed the CCI to file a reply over the NTPC appeal within four weeks and a rejoinder, if any by the power producer, to be filed within four weeks thereafter.
NTPC had acquired 35.47 per cent of RGPPL without notification to the CCI.