ISLAMABAD, Pakistan: 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 the state-run news agency in Islamabad.
Before slapping penalties 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.
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.
