UltraTech Cement imposed with penalty of Rs 68.3 crore for alleged cartelization

By Competition Commission of India

UltraTech Cement announced that the Competition Commission of India (CCI), in a reference filed by the Government of Haryana for alleged cartelization in August, 2012, has, on 19 January 2017 assed an order, which is uploaded on their web site, directing:

1. the Company and other opposite parties to 'cease and desist' from indulging in the acts / conduct which have been found to be in contravention of the provisions of the Competition Act, 2002, and

2. imposed a penalty of Rs. 68.3 crore on the Company, being 0.3% of the average turnover for the financial years 2012-13, 2013-14 and 2014-15.

 

The Company will take appropriate action after examining the Order fully.

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