Compat has dismissed the appeal of Binani Cement seeking waiver of the direction to deposit with it 10 per cent of the total penalty amount which was imposed by Competition Commission in a cartelisation case.
"Binani Cement has failed to substantiate its claim for review of our order dated November 28, 2016," Competition Appellate Tribunal (Compat) said.
While dismissing the plea, the tribunal, in an order last week, said the company has "neither presented any fresh compelling or significant circumstances to justify review of our order nor pointed out any error manifest on the face of the record, resulting in miscarriage of justice".
In an order last August, CCI had slapped a penalty of over Rs 6,700 crore on 11 cement firms, including Binani Cement, for indulging in cartelisation.
Binani Cement, which was fined Rs Rs 167.32 crore, had filed an appeal against CCI order before the tribunal.
In November 2016, Compat stayed CCI order on one of the conditions that the company deposit 10 per cent of the penalty with the tribunal in the form of fixed deposit for a duration of six months.
On grounds that it was facing severe financial hardship, Binani Cement had sought waiver of the 10 per cent of the penalty amount, which was to be deposited in a month's time.
The tribunal also observed that Binani Cement had not advanced any argument to suggest failure to serve ends of justice or abuse of the process of court, necessitating review of the order directing deposit of 10 per cent of penalty.
Another condition for granting stay was that if the appeal against the fine was dismissed, then Binani Cement will have to pay the balance amount of penalty with an interest of 12 per cent per annum from the date of CCI's order.
Disclaimer: No Business Standard Journalist was involved in creation of this content
