COMPAT reserves order on cement firms cartelisation case
Over the batch of pleas filed by the cement firms the Competition Appellate Tribunal (COMPAT) has reserved its order in the cartelisation case. The cement firms have filed the applications seeking stay on Rs 6,307 crore penalty imposed by fair trade regulator Competition Commission of India (CCI). A COMPAT bench headed by its Chairman, Justice VS Sirpurkar reserved its order over the applications of the cement producers after hearing the submissions. The applications relate to petitions against penalty of Rs 6,307 crore imposed by CCI on 11 cement makers, as also a fine of Rs 73 lakh on the cement industry body CMA. The cement companies charged with cartelisation include Lafarge India, India Cement, JP Associates, Binani, Ambuja, Madras and JK Cement. The order was passed following probe by its Director General (Investigation) on a complaint filed by Builders Association.