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India: Appellate Tribunal stays CCI order against India Cements

By  |  November 28, 2016

The Competition Appellate Tribunal has granted a conditional stay against the Competition Commission of India’s imposition of a Rs 187.48 crore penalty against India Cements, the company said on Monday.

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    Compat granted the stay against on the condition that the company shall, within one month from its order dated November 21, deposit 10 per cent of the penalty in the Registry of Tribunal in the form of a six-month fixed deposit.

    “Our company is arranging to deposit the amount, as aforsaid and is advised that there are fair chances of success in the appeal,” said the company in a regulatory filing with the Stock Exchanges.

    The CCI had imposed a penalty on several cement companies, including India Cements, in August this year.

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