PTI reported that Competition Appellate Tribunal served notices to the Competition Commission and the Builders’ Association of India, on whose complaint the fair trade regulator had imposed a penalty of INR 6,307 crore on 11 cement firms on charges of cartelization.

Hearing an appeal by cement companies, including UltraTech and ACC, the tribunal also asked the CCI not to take any coercive action in the matter till October 11, when the COMPAT would next hear the case.

In their petitions, the cement firms have requested the tribunal to quash the entire CCI order. They have also requested the COMPAT to grant an interim stay on the CCI’s penalty till the tribunal decides on their petitions.

Industry body the Cement Manufacturers’ Association has also challenged CCI’s findings along with the producers.

The companies whose petitions were heard today included Ultra Tech Cement, Lafarge India, India Cement, Jai Prakash Associates, Associated Cement Corporation, Binani Cement, Ambuja Cement, Madras Cement, J K Cement and Century Textiles.

On June 21, the Competition Commission of India had slapped a INR 6,307 crore penalty on 11 cement makers. The CMA was also fined INR 7.3 million and was asked to deposit the amount within 90 days.

Source - PTI

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