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.