NAA Found L’Oreal India Guilty Of Profiteering Of Rs 186.39 Crore

NAA found L’Oreal India guilty of profiteering of over Rs 186.39 crore. Loreal India and Indiabulls Real Estate profiteered, and NAA imposed a fine.

The National Anti-Profiteering Authority (NAA) has found L’Oreal India guilty of profiteering to the tune of over Rs 186.39 crore.

The NAA found in the investigation that the company did not pass on the benefit of a reduction in GST rates to the customers.

A Directorate General of Anti-Profiteering (DGAP) investigation revealed that L’Oreal India Pvt Ltd has reduced the tax on face washes, shampoos, hair colors, conditioners, and certain make-up products from 28 percent to 18 percent with effect from November 15, 2017.

The NAA has asked to deposit 50 percent of the profiteering amount of Rs 93.19 crore in the Central Consumer Welfare Fund (CWF) and the remaining amount in the CWF of the states.

The NAA has said in its order that L’Oreal India should gradually reduce the prices of the affected goods.

Indiabulls Real Estate is also guilty of profiteering.

The NAA has found Indiabulls Real Estate guilty of profiteering to the tune of Rs 6.46 crore.

In the investigation of this matter, it has come to know that the company has not passed on the benefit of input tax credit to the home buyers.

On a petition filed by a home buyer, the DGAP investigated the matter and found the builder guilty.

The petition said that the ITC benefit of the Visakhapatnam-based Sierra-Vizag project was not passed on to the customers.

The DGAP observed that Indiabulls Real Estate had received additional benefits from ITC between July 1, 2017, and March 31, 2019, after the implementation of GST, and an amount of over Rs 6.46 crore was to be given to home buyers.

During the period of investigation, the tribunal found that the company had made profiteered to the tune of Rs.6,46,06,227 in the Sierra-Vizag project.

SEBI fines Bharti Infratel.

SEBI has imposed a fine of one lakh on Bharti Infratel for violating norms related to Employee Stock Option Schemes (ESOPs). Bharti Infratel has now been renamed Indus Towers.

SEBI has found that Bharti Infratel has violated the provisions of SBEB by not appropriating additional 5,32,862 shares of the company within the stipulated time frame of March 31, 2017.