The Builders’ Association of India (BAI) said the fine imposed on cement companies by the Competition Commission of India (CCI) may not be a ‘sufficient deterrent.’
BAI said, ''This was because of the money power of cement manufacturers"
The association had petitioned CCI against price cartelisation by Indian major cement manufacturers such as ACC (Associated Cement Company), Ambuja Cement, Grasim Cement, Ultratech Cement, Jaypee Cement, India Cements, J. K. Cements, Century Cement, Madras Cements, Binani Cement & Lafarge India.
The BAI has requested the CCI to review the quantum of fine and also conduct an enquiry on the losses incurred by contractors due to such profiteering by the cement makers. Further, it has asked CCI to consider reimbursing the losses to contractors.
Mr. D.L. Desai, Trustee, BAI, said, ''We were also requesting CCI to impose a fixed percentage of the fine as a deposit with the CCI in case the cement makers approached the ‘Appellate Authority’.
Mr. Anand Gupta, Secretary, BAI, said, “It should be noted that Indian construction industry is a major driver of Indian economy & any unfair practices, as indulged in by the cement companies, have an adverse impact not only on the real estate sector. But also on the overall economy. In the last 3 years, we have seen construction activities coming to a standstill and a large number of government & private contractors going bankrupt due to rising cost of all construction materials”
BAI said, ''This was because of the money power of cement manufacturers"
The association had petitioned CCI against price cartelisation by Indian major cement manufacturers such as ACC (Associated Cement Company), Ambuja Cement, Grasim Cement, Ultratech Cement, Jaypee Cement, India Cements, J. K. Cements, Century Cement, Madras Cements, Binani Cement & Lafarge India.
The BAI has requested the CCI to review the quantum of fine and also conduct an enquiry on the losses incurred by contractors due to such profiteering by the cement makers. Further, it has asked CCI to consider reimbursing the losses to contractors.
Mr. D.L. Desai, Trustee, BAI, said, ''We were also requesting CCI to impose a fixed percentage of the fine as a deposit with the CCI in case the cement makers approached the ‘Appellate Authority’.
Mr. Anand Gupta, Secretary, BAI, said, “It should be noted that Indian construction industry is a major driver of Indian economy & any unfair practices, as indulged in by the cement companies, have an adverse impact not only on the real estate sector. But also on the overall economy. In the last 3 years, we have seen construction activities coming to a standstill and a large number of government & private contractors going bankrupt due to rising cost of all construction materials”
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