Economy & Market
Cement firms move Tribunal against CCI order
The eleven cement makers, whom the fair trade regulator CCI has found guilty of adopting anti competitive practices, approached Competition Appellate Tribunal challenging the same.
The Tribunal issued notices to the Competition Commission of India and listed the matter for next hearing on 22nd November, 2012. The three-member COMPAT bench, headed by VS Sirpurkar Chairman of COMPAT, however asked the CCI not to take any coercive action against Shree Cement against whom penalty of Rs 397.51 crore.
CCI had not imposed penalty on the other 10 cement makers that day as it had done so already in a separate order passed on 21st June, 2012. It had imposed Rs 6,307 crore penalties on them, along with industry body Cement Manufacturers Association, on charges of price cartelisation.