Swiss major Holcim, which has a controlling stake in ACC and Ambuja Cements, said it would challenge the order of competition watchdog CCI which imposed penalty for forming price cartel.

Swiss major Holcim said in a statement that “Each of ACC and Ambuja Cements contests allegations and findings against them in CCI's order and will pursue all available legal steps to defend their respective position.”

However, it added that if any employee found breaching the group's code of conduct that prohibits anti competitive practices would be subject to disciplinary action, including termination of job.

In separate filings to BSE, ACC and Ambuja Cements said they would appeal against the order to the Appellate Tribunal.

As per the rules and regulations, the affected companies would be served with the orders of CCI within next 7 to 10 days. The companies can challenge the order within 60 days from the receipt of the order.

CCI imposed a whopping INR 6,307 crore fine on 11 leading cement makers for forming price cartel. Industry body CMA was also fined with INR 7.3 million

The maximum fine was imposed on Jaiprakash Associates at INR 1,323.6 crore followed by Aditya Birla Group's Ultratech Cements (INR 1,175.49 crore), Ambuja Cements (INR 1163.91 crore) and ACC (INR 1,147.59 crore).

Source - Economic Times

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