Appellate Tribunal stays CCI order against India Cements

Competition watchdog had slapped a penalty of Rs 187 cr on the firm, and had taken action against several other cement makers

The Competition Appellate Tribunal (Compat) has granted a conditional stay against the Competition Commission of India's imposition of a Rs 187.48 crore penalty against India Cements Ltd, the company said on Monday.

Compat granted the stay against on the condition that the company shall, within one month from its order dated November 21, deposit 10 per cent of the penalty in the Registry of Tribunal in the form of a six-month fixed deposit.

"Our company is arranging to deposit the amount, as aforsaid and is advised that there are fair chances of success in the appeal," said the company in a regulatory filing with the Stock Exchanges.

The CCI had imposed a penalty on several cement companies, including India Cements, in August this year.

It had asked 11 companies and their lobby group, Cement Manufacturers Association (CMA) ,to pay a fine of Rs 6,714 crore for alleged cartelisation, standing by its previous orders that the antitrust watchdog was asked to reconsider. It also held the CMA guilty of facilitating price collusion.

The penalty imposed on India Cements alone is Rs 187.48 crore.