Competition Appellate Tribunal quashed 6,316-cr penalty on cement companies
The tribunal also allowed the cement manufacturers to withdraw the 10 per cent penalty amount already deposited with the CCI (Competition Commission of India), which has been asked to pass a fresh order within three months.
The companies included ACC, Ambuja Cements, Binani Cements, Century Textiles Ltd, India Cements, JK Cements, Lafarge India, Madras Cements, Ultratech, JP Associates and Shree Cements.
The CCI had passed the orders after an investigation into complaints, including from Builders Association of India (BAI) against alleged price cartelisation among cement firms.
The orders were later challenged at COMPAT, which today ordered that "the impugned order is set aside and the matter is remitted to the Commission (CCI) for fresh adjudication of the issues relating to alleged violation" of the relevant sections of the Competition Act."
"The appellant shall be entitled to withdraw the amount deposited by them in compliance of the interim order passed by the Tribunal," COMPAT has stated in the order.
The companies had earlier deposited 10 per cent of their respective penalty amounts. CCI has been asked to hear the appellants again and pass a fresh order with in a period of three months.