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This is an archive article published on August 13, 2012

CCI cartel order: Cement cos get 90 days

Cement companies have been slapped a penalty of over Rs 6,700 cr for price cartelisation.

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Cement companies,which have been slapped a penalty of over Rs 6,700 crore for price cartelisation,will have to comply with the order of the Competition Commission of India CCI within 90 days from the issue of the same,Parliament was informed today.

The CCI in two cases has found 11 cement manufacturers8230; 8220;in contravention of Section 33 a and 3 3 b read with section 3 1 of the Competition Act. The loss to consumers due to such violations has not been quantified,8221; Minister of State for Corporate Affairs R P N Singh said in a written reply to the Rajya Sabha.

He said the Commission in its first order on June 20,had imposed a penalty of Rs 6,307.32 crore on 11 cement companies 8212; ACC,Ambuja Cement,Ultratech,Grasim,JK Cements,India Cements,Madras Cements,Century Cements,Binani Cements,Lafarge India and Jaypee Cements.

He added that the Commission in a separate order imposed a penalty of Rs 397.51 crore on Shree Cement Ltd,passed on July 30,2012.

8220;The direction of the Commission are to be complied within 90 days of receipt of the orders,8221; Singh said.

The order was passed following probe by Director General Investigation on complaint filed by Builders Association.

Stocks More on Madras Cements

Company INFO More on JK Cements

 

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