MRTPC directs Monsanto to fix reasonable price for BT cotton seeds
New Delhi, May 11 (UNI) The Monopolies and Restrictive Trade Practices Commission (MRTPC) today directed M/s Mahyco Monsanto Biotech-India Ltd to fix a "reasonable trait value" for a 450 gram packet of Bt cotton seed during the trial pendency akin to that being charged by the parent company in neighbouring China.
The Mumbai-based company, which has been charging the trait value of Rs 900 for a 450 gram packet of Bt cotton seed, has been one month's time to give effect to these orders.
Today's respite came on the application for temporary injunction moved by the Andhra Pradesh Government alleging restrictive trade practices on the part of six respondents including Mahyco Monsanto Biotech-India Ltd, Mumbai and its parent company Monsanto Company, USA.
The state government also prayed for a temporary injunction under Section 12 A of the Monopoly and Restrictive Trade Practices Act restraining the respondents from collecting Rs 1,250 per 450 grams for Bt cotton seed from the farmers, which was later on reduced to Rs 900.
The Bt cotton seed technology is developed and owned by Monsanto Company, USA, and is being marketed in India through its joint venture company, Mahyco Monsanto Biotech-India Ltd.
UNI SD PA HT1755