“The company is in the process of preparing the grounds of appeal and the appeal will be filed within the time frame of two months from the date of the order. Basis legal advice, the company believes that it has a strong case on merits for successful appeal on this matter,” UBL said in an investor presentation.
In September, India’s competition watchdog found top beer companies UBL, Carlsberg India and Anheuser Busch InBev India to have indulged in price fixing for over a decade, and fined UBL and Carlsberg over Rs 870 crore to be paid within two months. Executives of the three beer companies, which together control over 90% of the market, exchanged sensitive information and colluded to fix beer prices, CCI said in its order.
UB said it has time until November end to file the appeal.
“Based on the advice of the external legal experts, the company is of the view that the Director General and CCI have not considered all aspects of its submissions particularly considering the nature of the regulations governing the manufacturing, distribution and sale of beer in India,” UB said.
