Cement firms asked to comply with CCI order

Cement firms asked to comply with CCI order

The Union government has said that cement manufactures, which have been slapped a penalty of over Rs 6,700 crore for price cartelisation, will have to comply with the order of the Competition Commission of India (CCI) within 90 days from the issue of the same.
The Commission in two cases has found 11 cement manufacturers 'in contravention of Section 3(3) (a) and 3 (3)(b) read with section 3(1) of the Competition Act. The loss to consumers due to such violations has not been quantified, Minister of State for Corporate Affairs RPN Singh said in the Rajya Sabha recently.
The Minister said the Commission in its first order on June 20, had imposed a penalty of Rs 6,307.32 crore on 11 cement companies - ACC, Ambuja Cement, Ultratech, Grasim, JK Cements, India Cements, Madras Cements, Century Cements, Binani Cements, Lafarge India and Jaypee Cements.
The Commission in a separate order imposed a penalty of Rs 397.51 crore on Shree Cement Ltd, passed on July 30, 2012, Singh added. The directions of the Commission are to be complied within 90 days of receipt of the order(s), Singh said.
The order was passed following probe by Director General (Investigation) on complaint filed by Builders Association.

Related Stories

Indian Cement Review
indiancementreview.com