Cement cos asked to comply with CAT order

Cement cos asked to comply with CAT order

Cement manufacturers facing charges for cartelisation were directed by the Supreme Court to comply with the Competition Appellate Tribunal's (CAT) interim order to pay ten per cent of the total Rs 6,300-crore penalty. The penalty was imposed by the Competition Commission of India (CCI). The manufacturers had appealed to the apex court for interim relief, which was granted by the court, even as it extended the payment deadline from 16June to 24 June. However, the court insisted on their compliance with the CAT interim order. The apex court has refused to lift the penalty order or to reduce the amount, despite extensive arguments over two days by Abhishek Singhvi, Senior Counsel for UltraTech Cement and Ranjit Kumar, Senior Counsel for Jaiprakash Associates. According to the revised order, the penalty shall be deposited with the tribunal.
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