Comments
The Competition Commission of India (CCI) on Wednesday said it is imposing penalties of over ₹6,300 crore on 10 cement companies as well as their trade association Cement Manufacturers Association (CMA) for cartelisation.
The companies that have been penalised are Jaiprakash Associates, UltraTech, Ramco, JK Cements, Lafarge, India Cements, Century, Binani, ACC and ACL. CCI said the action of the cement companies and CMA was found to be detrimental to the interests of the consumers as well as the whole economy.
“Accordingly, penalties of ₹1147.59 crore (ACC), ₹1163.91 crore (ACL), ₹167.32 crore (Binani), ₹274.02 crore (Century), ₹187.48 crore (India Cements), ₹128.54 crore (JK Cements), ₹490.01 crore (Lafarge), ₹258.63 crore (Ramco), ₹1175.49 crore (UltraTech) and ₹1,323.60 crore (Jaiprakash Associates) have been imposed by CCI,” it said in a statement.
The watchdog has also imposed a penalty of ₹0.73 crore on CMA.
The CCI said that the final order has been passed pursuant to the directions issued by Competition Appellate Tribunal remanding the matter back while setting aside the original order of CCI. The cement companies and CMA have been directed to cease and desist from indulging in any activity relating to agreement, understanding or arrangement on prices, production and supply of cement in the market
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.