MRTPC holds Monsanto responsible for overpricing Bt seed
11 Apr '06
1 min read
The Director General (Investigation & Registration) has initiated an inquiry against US biotech company Monsanto for overpricing its genetically modified Bt cotton seeds.
The Monopolies and Restrictive Trade Practices Commission's preliminary investigation report has held the company responsible for engaging in restrictive trade practices.
Kolli Nageshwar Rao, Vice President of All India Kisan Sabha and President of Andhra Pradesh Ryotu Sangam had brought in the charge that the US Company was overpricing.
Overpricing was three times more than Monsanto's cost, forcing poor farmers to buy genetically modified seed from grey market.
Monsanto entered Indian markets through a joint venture with Mahyco by floating Mahyco-Monsanto Biotech Ltd (MMBL).
MMBL collected non-refundable fee of Rs 50 lakhs from each of its sub-licencees, which was illegal, the Association maintained.
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