India: COMPAT stays UltraTech’s CCI penalty

India: COMPAT stays UltraTech’s CCI penalty
23 November 2016

The Competition Appellate Tribunal (COMPAT) has granted a stay on an order passed by the Competition Commmission of India (CCI) against UltraTech Cement on deposit of 10 per cent of the penalty amount.

CCI handed UltraTech a INR11.75bn (US$171.6m) penalty in August 2016 for supporting cartelisation. In total the CCI handed out penalties amounting to over INR67bn to 11 cement firms for this matter, including UltraTech, Ambuja, ACC, JK Cement and Ramco, as well as the Cement Manufacturers Association (CMA). As well as issuing penalties, the CCI also directed all firms to cease and desist from any activities relating to the agreement, understanding or arrangement of prices, production and supply of cement.

UltraTech filed an appeal on 31 August 2016 and have since released a statement saying: “While disposing off the application, the COMPAT vide its order dated 21 November 2016 granted stay with the deposit of 10 per cent of the penalty amount within one month from the date of the Order,” the company said in a regulatory filing.”

Published under Cement News

Tagged Under: Penalty India UltraTech Cement CCI