India Cements to appeal against CCI order

CCI has asked 11 cement companies and their lobby group CMA to pay a fine of Rs 6,714 crore for alleged cartelisation

India Cement said that it would file an appeal before the Competition Appellate Tribunal (COMPAT) against the Competittion Commission of India's (CCI's ) order. It may be noted, the CCI has imposed a penalty on several cement companies, including India Cements.

The CCI has asked 11 cement companies and their lobby group Cement Manufacturers Association (CMA) to pay a fine of Rs 6,714 crore for alleged cartelisation, standing by its previous orders that the antitrust watchdog was asked to reconsider. It also held the CMA guilty of facilitating price collusion.

Penalty for India Cements alone is Rs 187.48 crore.

The CCI order is pursuant to the directions of the COMPAT, vide its order dated December, 11, 2015, setting aside the original order dated June 20, 2012 of the CCI and remitting the matter to the CCI for a fresh adjudication.

 

"We are taking necessary action to file an appeal before the COMPAT against the order of the CCI on its receipt on various grounds and are advised fair chances of success in the appeal," said the company in a communication to BSE.