India: Binani Compat appeal dismissed

India: Binani Compat appeal dismissed
18 January 2017

India’s Competition Appelate Tribunal (Compat) has dismissed the appeal of Binani Cement seeking waiver of the direction to deposit with it 10 per cent of the total penalty amount which was imposed by Competition Commission in a cartelisation case.

"Binani Cement has failed to substantiate its claim for review of our order dated November 28, 2016," Compat said. “[Binani Cement has] neither presented any fresh compelling or significant circumstances to justify review of our order nor pointed out any error manifest on the face of the record, resulting in miscarriage of justice.”

Last August Binani Cement was fined by the CCI INR1.673bn, along with 10 other cement producers, for indulging in cartelisation. Binani promptly filed an appeal against the competition authority before the tribunal. In November 2016, Compat stayed CCI order on one of the conditions that the company deposit 10 per cent of the penalty with the tribunal in the form of fixed deposit for a duration of six months. However, Binani had sought a waiver of this on the grounds of severe financial hardship .

Published under Cement News