ADVERTISEMENT
Friday, August 1, 2025
No Result
View All Result
The AZB More Than Just News
  • HOME
  • Latest News
  • Business
  • PAKISTAN
  • SPORTS
  • WORLD
  • E-Paper
  • SCI-TECH
  • BANKING
  • ARTICLES
  • OPINION
  • MORE
    • MOBILE
    • TELECOM
    • PERSONALITY
    • HEALTH / EDUCATION
  • HOME
  • Latest News
  • Business
  • PAKISTAN
  • SPORTS
  • WORLD
  • E-Paper
  • SCI-TECH
  • BANKING
  • ARTICLES
  • OPINION
  • MORE
    • MOBILE
    • TELECOM
    • PERSONALITY
    • HEALTH / EDUCATION
No Result
View All Result
Daily The Azb
No Result
View All Result
Home Business

Tribunal Upholds CCP’s Order Against ICAP in Price-Fixing Case

News Desk
July 9, 2025
CCP affirms exclusive jurisdiction to combat deceptive marketing practices.

xr:d:DAGBiqWDV5s:16,j:6885301849702823993,t:24040513

Share on FacebookShare on Twitter
Advertisements

ISLAMABAD, July 9: The Competition Appellate Tribunal (CAT) has dismissed the appeal filed by the Institute of Chartered Accountants of Pakistan (ICAP) against the order of the Competition Commission of Pakistan (CCP), which had imposed a penalty over alleged price-fixing practices.

The CCP, in 2008 had initiated suo moto proceedings against ICAP for issuing a revised Accounting Technical Release 14 (ATR-14), approved in its 197th Council meeting held on July 25, 2008. The revised ATR-14 introduced minimum hourly charge-out rates and fixed minimum audit fees for public sector entities.

CCP found this to be in violation of Section 4(1) of the Competition Ordinance, 2007, which prohibits anti-competitive agreements. The Commission declared ATR-14 null and void, directed its withdrawal from ICAP’s Members’ Handbook, and ordered publication of a withdrawal notice in two newspapers. A penalty of Rs. 1 million was also imposed on the Institute. ICAP challenged the order before the Tribunal, with senior counsel Dr. Farogh Naseem contending that ICAP, as a statutory regulator, had the authority to prescribe minimum fees for audit services, particularly in the public sector. He requested the tribunal to overturn the CCP’s decision.

Advertisements

CCP’s legal team argued that regardless of its statutory status, ICAP could not fix prices in a competitive market. The Commission maintained that such conduct amounted to collusive price-fixing, which is strictly prohibited under the competition laws. After hearing both sides, the Tribunal upheld CCP’s order and dismissed the appeal. In a separate matter, CAT also dismissed the Karachi Stock Exchange’s appeal against CCP for alleged abuse of dominant position, terming it infructuous.

Advertisements
News Desk

News Desk

Welcome to our web desk! We're a dedicated team of digital enthusiasts passionate about delivering timely and engaging content to our online audience.

Related Posts

IBA Karachi: Powering the Future with Green
Headline

FBR imposes Rs111 billion in fines on fake solar panel importers involved in money laundering

July 31, 2025
Kareena And Saif
Headline

Mubasher Lucman Alleges Kareena Kapoor Behind Saif Ali Khan’s Knife Attack Over Infidelity

July 31, 2025
Saba Qamar Hospitalized After Sudden Health Scare on Set
Headline

Saba Qamar Hospitalized After Sudden Health Scare on Set

July 31, 2025
Moonis Alvi Breaks Silence After Verdict, Vows to Pursue Truth Through Legal Channels
Headline

Moonis Alvi Breaks Silence After Verdict, Vows to Pursue Truth Through Legal Channels

July 31, 2025
SIUT TEAM PERFORMS SUCCESSFUL DECEASED ORGAN TRANSPLANT
Headline

SIUT TEAM PERFORMS SUCCESSFUL DECEASED ORGAN TRANSPLANT

July 31, 2025
Tamasha secures exclusive digital streaming rights for Asia Cup till 2027
Headline

Tamasha secures exclusive digital streaming rights for Asia Cup till 2027

July 31, 2025
A professor at Sindh Madressatul Islam University turned out to be a defaulter of a previous institution, revealing that facts were hidden at the time of appointment.
Business

A professor at Sindh Madressatul Islam University turned out to be a defaulter of a previous institution, revealing that facts were hidden at the time of appointment.

July 31, 2025
Bank Alfalah announces its results for 1H-2025
BANKING

Bank Alfalah announces its results for 1H-2025

July 31, 2025
Honor for Dr.Heeralal Lohano
Headline

Honor for Dr.Heeralal Lohano

July 31, 2025
ICMAP Proposes SBP–MoF Coordination Council to align Economic Policy
Business

ICMAP Proposes SBP–MoF Coordination Council to align Economic Policy

July 31, 2025
Next Post
Pakistan-Bangladesh trade volume will soon reach one billion dollars, Deputy High Commissioner BD

Pakistan-Bangladesh trade volume will soon reach one billion dollars, Deputy High Commissioner BD

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


Most Popular

PM Youth Laptop Scheme 2025: HEC Releases Merit List – Check Your Eligibility Online Now!

Reckitt Benckiser (RB) & partners to revolutionize access of health & hygiene across 1 million rural households, backed by the UK Government

Mehwish Salman Ali Elected President of CxO Global Forum USA Chapter

Hisaar Foundation at the UN

UIC permitted to resume guarantee business amid legal review.

Must Read

Pakistan’s Liquid Foreign Reserves Position
BANKING

State Bank of Pakistan Launches Nationwide “Go Cashless” Campaign for Eid-ul-Azha

May 19, 2025
Mian Zahid Hussain
Headline

Central bank negating Govt policy of enhancing exports: Mian Zahid Hussain

March 18, 2020
The Azb is a 24/7 online news platform that covers a wide range of topics including business, economics, technology, finance, travel, fashion, and lifestyle.

Quick Links

  • Home
  • About us
  • SCI-TECH
  • Live TV
  • Banking

Useful Links

  • Videos
  • Reviews
  • Advertorial
  • Photos
  • About us
  • Author
  • Home
  • Latest News
  • Partner
  • Privacy Policy
  • Russian Theatre Group Celebrates Fifth Anniversary in Pakistan.
  • Terms and Conditions
  • The Azb – More Than Just News
  • Contact

© Copyright 2024 theazb. All Rights Reserved.

No Result
View All Result
  • HOME
  • Latest News
  • Business
  • PAKISTAN
  • SPORTS
  • WORLD
  • E-Paper
  • SCI-TECH
  • BANKING
  • ARTICLES
  • OPINION
  • MORE
    • MOBILE
    • TELECOM
    • PERSONALITY
    • HEALTH / EDUCATION

© Copyright 2024 theazb. All Rights Reserved.