Economy & Market
Tribunal upholds CCI's 630cr fine
The Competition Appellate Tribunal (CAT) on directed 11 cement companies to pay ten per cent of the penalty of Rs 6,307 crore imposed by the Competition Commission of India (CCI) for forming a cartel and colluding to charge higher prices from consumers. The cement companies have to pay the 10 per cent amounting to Rs 630 crore within a month. The order was read out by Justice VS Sirpukar, Chairman of the Tribunal, on an appeal filed by the cement companies against the penalty levied by the CCI. The order to levy a penalty had been passed following a probe by director general of the CCI on a complaint filed by the Builders Association of India (BAI) against the cement companies for indulging in unfair trade practice. CCI found cement makers had violated the provisions of the Competition Act, 2002, which deals with anti-competitive contracts, including cartels.