Ford India increased price of its particular model in January, leading to the consumer accusing the carmaker abusing its dominant position
The Commission Commission of India (CCI) has rejected allegations against Ford India that it abused dominant position in the market for 'multi/sport utility vehicles'.
In an order issued on 12th September, the CCI, said, "The issue of abuse of dominance by the Opposite Parties (Ford India and its authorised dealer Harpreet Motors Pvt Ltd) does not arise and no case of contravention of provisions... of the Act (Competition) is made out against them."
Consequently, the CCI has closed the case against Ford India and its dealer.
In a complaint, one Sanjay Kumar alleged that Ford India has abused its dominant position in the relevant market of 'multi/sports utility vehicle in India' by hiking the price of the vehicle.
Kumar had booked a Ford Ecosport 1.5 Litre Petrol Ambiente version car manufactured by Ford India in June last year by paying an initial deposit of Rs50,000, from its authorised dealer Harpreet Motors. The car was to be delivered within five months of booking.
Subsequently, Kumar received a letter in December 2013 from Ford India stating therein to deliver the car before the end of February 2014 and the price of the car will be revised in January 2014 due to macro-economic factors and rising input costs.
Ford India accordingly revised the price of the said version of car to Rs6.19 lakh in January 2014 in place of Rs5.59 lakh at the time of booking.
Citing Ford India's December letter, the CCI said "it is evident that the informant (Kumar), if so desired, could cancel the booking and the entire booking amount is to be refunded immediately after waving of the cancellation charges."
"In these circumstances, no case, whatsoever, is made out against any of the Opposite Parties and the issues projected by the Informant at best appear to be purely consumer /contractual dispute, remedies whereof lie elsewhere," the Commission said.
At Rs29,688 crore as on August end, the mutual fund industry has the highest exposure to software sector since August 2009
The mutual fund (MF) industry is betting big on software companies as its equity exposure to the sector climbed to an all-time high of Rs29,688 crore at the end of August.
This also marks the third consecutive rise in MF industry’s exposure to software stocks.
Mutual fund is an investment vehicle that is made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and similar assets.
According to data from Securities and Exchange Board of India (SEBI), investment from mutual funds’ in software stocks stood at Rs29,688 crore as on 31 August 2014, accounting for 10.53% of their total equity assets under management (AUM) of Rs2.81 lakh crore.
In comparison, MFs had deployed Rs27,596 crore in the shares of software companies in July.
At current levels, the MF industry has the highest exposure to software sector since August 2009. Data is not available for sector-wise exposure before August 2009, when the equity funds had deployed Rs11,913 crore (6.71%) in software shares.
The previous high was in February this year when investment in the sector rose to Rs28,784 crore.
According to market participants, MFs have been showing interest in software stocks since the beginning of the year amid rising equity market.
They believe that the ongoing market rally might see mutual fund assets getting diversified.
Meanwhile, the IT index surged by 3.52%, while the benchmark Sensex witnessed a gain of 2.86% in August.
This year has seen a consistent growth in investment in software stocks by equity fund managers and fund infusion has grown from Rs27,772 crore in January to Rs29,688 crore in August.
Besides, mutual fund managers raised their exposure in bank stocks to an all-time high of over Rs56,600 crore in August this year, which is the highest among all the sectors.
Among others, MFs have an exposure of Rs19,394 crore in pharma space, followed by auto at Rs17,754 crore and finance at Rs15,116 crore, as on 31 August 2014.
Shankar Barua, the former DGP in Assam was under the CBI scanner in the multi-crore Saradha chit fund scam
Assam's former director general of police (DGP) Shankar Barua, whose residence was searched by the Central Bureau of Investigation (CBI) last month in connection with the multi-crore rupee Saradha scam, on Wednesday shot himself dead in Guwahati.
According to media reports, officials from the CBI had taken the former DGP to a State Bank of India branch near his house and had examined his bank accounts.
The CBI had on 28th August raided 22 locations in West Bengal and Assam, including the residence of Barua. The searches by the CBI took place at 14 locations in Assam (12 in Guwahati and two in Dhubri), seven locations in Kolkata and one in Mumbai, including the residences of Assam's former education minister Himanta Biswa Sarma and Barua.