Risk being fined $38 bn if CCI levies penalty on global turnover: Apple

iPhone maker tells Delhi HC the antitrust watchdog has no jurisdiction to consider its global turnover

- BHAVINI MISHRA

iPhone maker Apple Inc has told the Delhi High Court that the Competition Commission of India’s (CCI’s) amended law, which allows penalties to be calculated on the basis of a company’s global turnover rather than its India-specific revenue, is “arbitrary” and could expose it to a penalty of nearly $38 billion, according to the petition reviewed by Business Standard.

The global technology major had moved the court on Tuesday challenging provisions that enable the antitrust regulator to impose penalties on a global turnover basis.

‘The firm has also disputed the retrospective clause, saying that CCI had in March directed the company to furnish audited financial statements for financial years 2022, 2023, and 2024.