UltraTech Cement has issued a strong rebuttal to media reports stating that it is under probe in a cement cartelisation case being investigated by the Competition Commission of India (CCI).
The company in its statement said that these reports are false and misleading and clarified that it has not received any order from CCI. Additionally, it has not received any order/notice from CCI to submit financials in Case No. 35 of 2020.
The company stated in its filing with the bourses that it is not under investigation in this matter. However, its subsidiary India Cements Ltd (ICEM) is party to the said case and is making appropriate disclosures on a separate basis. Additionally, UltraTech Cement also signalled that it is exploring legal options and has the right to act against the misleading reports.
The company issued the clarification after the media reports suggested that CCI directed UltraTech Cement, Dalmia Bharat and Shree Digvijay Cements to submit financial records. The media reports also highlighted that the Director General’s report found contravention of competition norms in a case initiated by a cartelisation complaint filed by ONGC.
