Indian producers move forward with cartel appeal
Eleven Indian cement producers fined by the Competition Commission of India (CCI) for cartel practices, yesterday approached the Competition Appellate Tribunal (COMPAT) to challenge the findings announced earlier this year.
A notice has now been issued to the CCI and the matter is listed for the next hearing on 22 November. ?
The three-member COMPAT bench, headed by chairman Justice VS Sirpurkar did, however, request that now coercive action is taken against Shree Cement which was issued a penalty of INR397.51 crore on 30 July.??The CCI’s ruling on the 11 producers at the end of June totalled INR6307 crore (US$1.1bn).
The firms had already challenged the 21 June order before the tribunal and yesterday’s petitions were against the order passed by the CCI on 20 July against them.