Allowed to withdraw Rs 12.85 crore held as FD with COMPAT
J K Cement announced that the Competition Commission of India (CCI) had earlier upheld the complaint of Builders Association of India alleging cartelization by some cement manufacturing companies including us and imposed a penalty of Rs. 128.54 crore on the Company. Aggrieved by the said order, the Company filed an appeal before the Competition Appellate Tribunal (COMPAT). COMPAT had stayed the penalty imposed by CCI and in an interim order directed the Company to deposit of 10% of the penalty amount till the final disposal of the appeal. The Company had accordingly deposited Rs. 12.85 crore in the form of Fixed Deposit favaouring COMPAT.The COMPAT vide its order dated 11 December 2015 allowed the appeal of the Company and set aside impugned order of CCI and the matter has been remitted to the CCI for final adjudication. The Company has been also given liberty to withdraw the amount of Rs. 12.85 crore lying as Fixed Deposit with COMPAT.
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