Disposing of the complaint against HeroMotoCorp Ltd, the fair trade regulator said the allegations made have no bearing upon competition in the markets.
The Competition Commission has rejected allegations of unfair business practices against HeroMotoCorp related to an earlier dealership in Karnataka. Disposing of the complaint against HeroMotoCorp Ltd, the fair trade regulator said the allegations made have no bearing upon competition in the markets.
"The information appears to be a family business and contractual feud which has been sought to be projected as a competition issue. "The informant has made various allegations relating to cartel, collusive bid rigging and refusal to deal etc without in any manner, whatsoever, explaining the basis much less substantiating the same," the Commission said in the order dated March 11 but released today.
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One Maheshwar V Hiremath filed the complaint on behalf of Revanasiddeshwar Automobiles (SRA), which is in Belgaum district of Karnataka. He described himself as power of attorney holder of SRA. As per the order, the information filed by Hiremath purportedly on behalf of SRA is wholly misconceived.
"It appears that Maheshwar V Hiremath, through the instant information, after getting himself inducted into SRA without any intimation or approval to/from Opposite Party 1 (HeroMotoCorp Ltd) is seeking OP 1 to continue dealership in favour of SRA, which ceased to exist w.e.f 6.11.2012," it added.
Hero Motocorp stock price
On March 07, 2014, Hero Motocorp closed at Rs 2003.20, down Rs 8.5, or 0.42 percent. The 52-week high of the share was Rs 2214.70 and the 52-week low was Rs 1434.05.
The company's trailing 12-month (TTM) EPS was at Rs 106.61 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 18.79. The latest book value of the company is Rs 250.70 per share. At current value, the price-to-book value of the company is 7.99.
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