Some one in the Government must have got an upset stomach after eating Maggi sometime, definitely. The government has sought damages worth Rs640 Crore from Nestle India. This definitely has come as a surprise since there have been absolutely no casualties reported ever due to Maggi eating.
Government files ‘unfair trade practice’ case against Nestle Maggi, seeks Rs 640 crore in damages – The Economic T… http://t.co/hs07OJnOTO
— Kailas P R (@KailasPR) August 12, 2015
This decision by GoI to seek Rs 640 cr damages from Nestle must be applauded. Make them accountable. http://t.co/YekNoD9nVX
— Devinder Sharma (@Devinder_Sharma) August 12, 2015
The share of Nestle India fell 4.70% after the news came in. The company has already incurred huge losses since stocks have been destroyed following the ban earlier this year. The share hit a low of 6008.20 after the news and is likely to see further falls. Apart from the loss in credibility and branding, Nestle has lost more than 300Cr only on Maggi stocks which were either destroyed or are stuck at the factories and distribution centers. This latest hit is a Class action suite filled by the Govt on behalf of Consumers. As reported in the Economics times a consumer affairs ministry official said. “Government can file a case on behalf of consumers. So we have filed a class action suit today (Tuesday) in the NCDRC.”
Govt: We sue you for Rs. 640 cr
#Maggi owner: 2 minute me aaya
*Goes to iceland forever*
— ✨ Sanmesh Sapkal ✨ (@absolutelysamyy) August 12, 2015
So Govt is gonna distribute Rs. 640 crore to everyone who uploads their grocery bills with Maggie. ?
— Vintage Madras (@vintagemadras) August 12, 2015
For Maggi it turns out to be ‘taste bhi kharab, health bhi kharab’. Thank god the PornBan is lifted. Something remains to give fun in 2 minutes!