The CCI earlier found the two broadcasting companies guilty of operating a cartel amongst them in various sporting events held during the years 2011-12 including Indian Premier League, 2012.
It had imposed a penalty of Rs 31.94 crore and Rs 1.33 crore on ESCL and Globecast respectively noting that while submitting bids for the tender floated by various broadcasters during the period July 2011 to May 2012, they exchanged information and quoted bid prices as per the arrangements arrived at amongst them.
However, the Commission took up the case under "Lesser Penalty Provisions" against Globecast following which, ESCL -- now Planetcast Media Services Ltd -- also approached the CCI as lesser penalty applicant during investigation.
"Keeping in view the stage at which the lesser penalty application was filed, cooperation extended in conjunction with the value addition provided by the evidences furnished by the lesser penalty applicants in establishing the existence of cartel, CCI granted Globecast and its individuals 100 percent reduction in the penalty and 30 percent reduction in penalty to ESCL and its individuals," an official statement said.
"Pursuant to reduction, penalty imposed on ESCL was Rs 22.36 crore. No penalty was imposed on Globecast," it added.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
