SFIO recommends action
The Serious Fraud Investigation Office (SFIO) has recommended a stern action against the managements of cement companies which they believe have formed cartel to jack up cement prices. SFIO, the investigation wing of the Ministry of Corporate Affairs, was asked to look into price manipulation between 2008 and 2010. The SFIO has submitted its report recommending action against the management of these cement companies. SFIO has recommended action against managements under Section 235 of the Companies Act. The role of management in forming cartel comes under the purview of the Companies Act.