Cement cos told to comply with CCI's order within 90 days
The commission in its Q1 on June 20 had imposed a penalty of Rs 6,307.32 crore on 11 cement companies
Cement manufactures, which have been slapped a penalty of over Rs 6,700 crore for price cartelisation, will have to comply with the order of the Competition Commission of India (CCI) within 90 days from the issue of the same, Parliament was informed today.
The CCI in two cases has found 11 cement manufacturers... "in contravention of Section 3(3) (a) and 3 (3) (b) read with section 3 (1) of the Competition Act. The loss to consumers due to such violations has not been quantified," Minister of State for Corporate Affairs R P N Singh said in a written reply to the Rajya Sabha.
He said the Commission in its first order on June 20, had imposed a penalty of Rs 6,307.32 crore on 11 cement companies -- ACC, Ambuja Cement, Ultratech, Grasim, JK Cements, India Cements, Madras Cements, Century Cements, Binani Cements, Lafarge India and Jaypee Cements.
He added that the Commission in a separate order imposed a penalty of Rs 397.51 crore on Shree Cement Ltd, passed on July 30, 2012.
"The direction of the Commission are to be complied within 90 days of receipt of the order(s)," Singh said.
The order was passed following probe by Director General (Investigation) on complaint filed by Builders Association.
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First Published: Mon, August 13 2012. 16:41 IST