CAT overturns Rs40mn fine on Al-Ghazi Tractors
- Company announces in a notice to the PSX
Al-Ghazi Tractors Limited (AGTL) announced on Thursday that the Rs40 million penalty imposed by the Competition Commission of Pakistan (CCP) was set aside by the Competition Appellate Tribunal (CAT).
This was shared in a notice to the Pakistan Stock Exchange (PSX) today.
In May this year, the CCP imposed a penalty on AGTL for “violating competition law and misguiding consumers”.
In January 2022, AGTL ran a front-page ad in an Urdu newspaper, claiming its new Holland tractor models offered “up to 30% extra diesel savings compared to any competitor’s tractors.”
The ad cited a report by the Agricultural Mechanisation Research Institute (AMRI), Multan, as the basis of its claim.
However, the commission declared the claim made by Al-Ghazi Tractors Limited as false and misleading.
Consequently, the CCP’s bench comprising Dr Kabir Ahmed, the Chairman of CCP and Salman Amin (Member) imposed a penalty of Rs40 million on AGTL for “violating the competition law and misguiding consumers”.
Following the penalty, AGTL said it was reviewing the details and would take appropriate legal action.
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