The Competition Commission of India has closed a case against Lakshmi Machine Works that alleged the company had abused its dominant position in the textile machinery business. Shahi Exports had approached the Commission alleging that LMW had abused its dominant position in sale of spinning machinery for textiles.

The Competition Commission of India (CCI) has closed the case against Lakshmi Machine Works Limited (LMW) for the alleged abuse of its dominant market position for spinning machinery for textiles. Shahi Exports had filed a complaint with the CCI stating LMW had increased the price of the spinning machinery it had ordered using its dominant position. LMW held about 60% market share in when the dispute arose in fiscal 2011. It was alleged that the opposite party raised price of textile machinery without consulting the informant (Shahi Exports).

Lakshmi Machine Works Limited announced that the Board of Directors at their meeting held on January 25, 2013 has accepted the nomination of Sri. V. Sathyakumar, as Director by LIC on the Board of Company with effect from January 25, 2013, in place of Sri Basavaraju, the present nominee Director of LIC whose resignation was accepted effective from January 25, 2013. Further, the Board has appointed Mr.Basavaraju, as Additional Director on the Board of Company with effect from January 25, 2013.