Indian cement Companies told to comply with CCI's order within 90 days

Indian cement manufactures, which have been slapped a penalty of over Rs. 6,700 crore for price cartelisation, will have to comply with the order of the CCI (competition Commission of India) within 90 days from the issue of the same, Parliament was informed recently. 

The CCI in 2 cases has found about 10 cement manufacturers... "in contravention of Section 3(3) (a) and 3 (3) (b) read with section 3 (1) of the Competition Act. The loss to consumers due to such violations has not been quantified," Minister of State for Corporate Affairs Mr. R. P. N. Singh said in a written reply to the RajyaSabha.

He said the Commission in its first order on June 20, 2012 had imposed a penalty of Rs. 6,307 crore on 11 cement companies ACC, Ambuja Cement, Ultratech, Grasim, JK Cements, India Cements, Madras Cements, Century Cements, Binani Cements, Lafarge India & Jaypee Cements.

He added that the CCI in a separate order imposed a penalty of Rs. 397.51 crore on Shree Cement, passed on July 30, 2012. 

"The direction of the Commission are to be complied within 90 days of receipt of the order(s)" Mr. R. P. N Singh said. 

The order was passed following probe by Director General (Investigation) on complaint filed by BAI (Builders Association of India).

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