Economy & Market
Tribunal rejects Binani Cement's plea for relaxation
The Competition Appellate Tribunal (COMPAT) has dismissed the appeal of Binani Cement seeking waiver of the direction to deposit with it 10 per cent of the total penalty amount which was imposed by the Competition Commission in a cartelisation case.
"Binani Cement has failed to substantiate its claim for review of our order dated November 28, 2016," COMPAT said. While dismissing the plea, the tribunal, in an order last week, said the company has "neither presented any fresh compelling or significant circumstances to justify review of our order nor pointed out any error manifest on the face of the record, resulting in miscarriage of justice".
In an order last August, CCI had slapped a penalty of over Rs 6,700 crore on 11 cement firms, including Binani Cement, for indulging in cartelisation. Binani Cement, which was fined Rs 167.32 crore, had filed an appeal against the CCI order before the tribunal.