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zeeshan
Joined: 21 Jan 2016
Posts: 655
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| CCP Show-Cause Notice to JCR-VIS of NBP Rs 100 billion Sukuk |
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The Competition Commission of Pakistan (CCP) has issued a show cause notification to JCR-VIS Credit Rating Company for savage evaluating in the offering for rating task of Sukuk issue of Rs 100 billion by Neelum Jhelum Hydropower Company (Private) Limited (NJHPC).
Savage evaluating is an estimating technique where an item or administration is set at a low value, aiming to drive contenders out of the business sector, or make boundaries to passage for potential new contender.
CCP followed up on a grievance got from its adversary organization, Pakistan Credit Rating Agency Limited (PACRA) which charged that JCR-VIS' accommodation of a token offer of Rs 1,100 for a rating task of ten years was ruthless in nature and it was intended to drive the PACRA out of the business sector.
Savage evaluating is an idea whereby the predominant business sector player costs merchandise and administrations underneath expense in the short raced to drive or keep out contender and harvest benefits over the long haul.
CCP Enquiry
An enquiry led by the CCP's Cartel and Trade Abuses division found that JCR-VIS was prevailing in the business sector for FICO assessment administrations in Pakistan and the accommodation of a token offer of Rs1, 100 was deficient to take care of JCR's expenses.
Thusly, it was resolved that JCR had mishandled its prevailing position by participating in savage estimating which is an infringement of Section 3 of the Competition Act, 2010.
A show cause notice has been issued to JCR-VIS and the organization has been called upon for hearing on a given date.
CCP is ordered under the Competition Act to guarantee reasonable rivalry in all circles of business and financial action to upgrade monetary proficiency and to shield buyers from hostile to focused conduct.
NBP Sukuk of Rs 100 billion
NBP, which will raise the Sukuk of Rs 100 billion, ought to give a chance to both rating organization, after the show-cause notice has been issued to JCR-VIS.
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| Fri Jul 22, 2016 1:20 pm |
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