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UltraTech Cement has said that its case against the Competition Commission of India (CCI)'s penalty of Rs 1,175 crore is strong. And the company is of the view that outcome of the case will be in its favour.
Kumar Birla, chairman of Aditya Birla group (which owns UltraTech Cement), said, '(Though) we have deposited 10% of the penalty amount (Rs 117.55 crore) in the form of fixed deposit, we are hopeful that the case will be decided in our favour.' He was addressing the shareholders today at UltraTech's 13th annual general meeting (AGM) here in Mumbai.
In June, 2012, the competition watchdog had slapped a penalty of Rs 6,700 crore on more than ten cement makers on allegations of forming a cartel and artificially raising the cement prices.
All cement makers, including ACC and Ambuja, had challenged the decision in COMPAT and the Supreme Court last year.
