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India: Tribunal repeals Competition Commission US$945 million fine on cement firms

By  |  December 13, 2015

Cement analysts of leading domestic brokerage firms also echoed Avaantika’s view, saying that since this was expected to be an extended affair, in most cases, the market had not factored any impact on cement companies’ future estimates due to the order.

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    Stocks of cement manufacturers surged up to 5 per cent in early trade on Friday after Competition Appellate Tribunal set aside CCI’s penalty order of Rs 6,300 crore by 11 cement manufacturers in a 2012 case, and asked the competition regulator to give a fresh order within three months.

    The tribunal said the commission should have a protocol and guidelines for conducting inquiries in consonance with the rules of natural justice.

    In the complaint, it was alleged that the CMA and 11 cement manufacturers formed a cartel and did not undertake production as per their installed capacity resulting in exorbitant rise in the price of cement.

    Full content: The Hindu Businessline

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