Lloyds Metals fined ₹15 Lakhs by CCI for contravening standstill obligations

Lloyds Metals and Energy Ltd has received an order from the Competition Commission of India (CCI) imposing a penalty of ₹15,00,000. The penalty is for contravention of standstill obligations under Section 6(2A) of the Competition Act, 2002, in connection with a combination with Thriveni Earthmovers and Infra Private Limited, which was previously approved by the CCI. The company stated that the penalty has no material impact on its financials or operations and it will comply with the order within the stipulated timeline.