Shree Cement fined Rs 397 cr for restrictive practices
For indulging in restrictive trade practices Shree Cement firm was imposed a penalty of Rs 397.51 crore by the competition watchdog Competition Commission of India (CCI) on July 30. The CCI has imposed the penalty on Shree Cement while issuing final order in the case against cement manufacturers and their trade body Cement Manufacturers Association (CMA).
CCI said in a statement that the Commission has also imposed a penalty on Shree Cement at the rate of 0.5 times of its profits for the years 2009-10 and 2010-11 aggregating to Rs 397.51 crore.
The CCI, it added, found eleven cement manufacturers, including Shree Cement and CMA in contravention of the provisions of the Competition Act, 2002, which deal with anti-competitive agreements including cartels.
It also asked the company to refrain from such anti-competitive activities in the future.
With regard to other companies, the CCI said as they were fined earlier, it was not imposing any penalty on them again for the same period of contravention.
CCI last month had imposed a whopping Rs 6,307 crore fine on 11 leading cement makers, including ACC, Ambuja Cements, UltraTech, India Cements, Binani Cement, JK Cement, Madras Cement, LaFarge and Jaypee Cement.