"We welcome the move to set aside penalty imposed on us by CCI on cartelisation charges. This is a good move and natural justice as we have nothing to do with cartelisation," UltraTech Cement Managing Director O P Puranmalka told PTI here.
UltraTech was one of the companies which was asked to pay penalty.
In a major verdict, Compat quashed Rs 6,316.59 crore penalty slapped on 11 cement companies by the CCI (Competition Commission of India) on cartelisation charges and asked the watchdog to hear the matter afresh.
"We will receive the 10 per cent deposit along with the interest. For UltraTech Cement, this works out to be around Rs 112 crore," Puranmalka said.
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The judgement follows appeals filed by the cement firms and their industry body Cement Manufacturers Association against the two CCI orders passed in June-July 2012.
The companies which faced the CCI action are: ACC, Ambuja Cements, Binani Cements, Century Textiles Ltd, India Cements, JK Cements, Lafarge India, Madras Cements, UltraTech, JP Associates and Shree Cements.
"CMA is a forum which raises common issues of the cement companies and it does not take pricing, which is an individual issue of every company," he added.
"The association was not given an opportunity to be heard properly. It is a big correction of some aberration of the issue that had come in the appreciation of the procedure," he further said.