India’s COMPAT hears petitions on cartel ruling

India’s COMPAT hears petitions on cartel ruling
Published: 25 February 2013

Tagged Under: India Cartel Pricing 

India’s Competition Appellate Tribunal (COMPAT) has begun hearing the petitions filed by cement firms on a US$1.1bn penalty imposed on them by the Competition Commission of India on grounds of cartel practices.

A COMPAT bench, headed by its chairman Justice VS Sirpurkar, began hearing the petitions last week and the hearings are expected to resume today (Monday 25 February) and be carried out on a fast-track basis this week, the Economic Times of India reports.

The Competition Commission of India (CCI) imposed a collective fine of more than INR60bn last June on 11 cement producers and the Cement Manufacturers of India. It accused them of "limiting" supplies and controlling prices through an "anti-competitive agreement". However, some of the firms denied the allegations and are challenging the fine.