Monday, October 15, 2018

Cartelisation order: Cement cos move SC

Ten cement manufacturers — including ACC, Ambuja, Lafarge, Jaiprakash, Ultra-Tech, India Cements and Ramco — filed an appeal in the SC against a tribunal order, which had upheld a cartelisation order against them. Towards this, each of has them have deposited 10% of the fine amount with the court, pending the outcome.
The NCLAT upheld an Rs 6,300-crore fine imposed for cartelisation last July. This, the cement makers feel, was unjust and have filed an appeal against it in the apex court and obtained an injunction. In August 2016, the CCI ruled that 10 cement companies colluded with each other and shared details relating to prices, capacity utilisation, production and dispatches, and thereby restricted production, colluding with each other to jack up prices. They also regulated supplies to the market, against principles of fair trade.

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