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The Competition Commission of India has found Shree Cement Ltd guilty of cartelisation and imposed a penalty of Rs 397.51 crore.
Passing its final order in a restrictive trade practice inquiry against cement manufacturers and their trade association -- Cement Manufacturers' Association, the Commission found 11 cement manufacturers including Shree Cement Ltd and CMA in contravention of the provisions of the Competition Act, 2002.
As the cement companies (except Shree Cement Ltd) were already found to be in cartel and penalised, the commission decided not to order remedies including imposition of penalty on such companies again for the same period of contravention.
The inquiry was based on a case received on transfer from the Office of the Director General (Investigation & Registration) of the erstwhile Monopolies and Restrictive Trade Practices Commission under Section 66(6) of the Competition Act, 2002.
The MRTP Commission had initiated the investigations on the basis of press reports published in a business daily as well as on a letter of Builders' Association of India.
The CCI directed Shree Cement 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.
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