The Competition Commission of India (CCI) has imposed a penalty of Rs 397.51 crore on Shree Cement for indulging in restrictive trade practices. The CCI has imposed the penalty on Shree Cement while issuing final order in the case against cement manufacturers and the Cement Manufacturers Association (CMA).
The commission has also imposed a penalty on Shree Cement Ltd at the rate of 0.5 times of its profits for the years 2009-10 and 2010-11 aggregating to Rs 397.51 crores, CCI said.
The CCI,it added,found eleven cement manufacturers,including Shree Cement Limited and CMA in contravention of the provisions of the Competition Act,2002,which deal with anti-competitive agreements including cartels.
Since other companies were fined earlier,CCI said it was not imposing any penalty on them for the same period of contravention.