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News Supreme Court to hear pleas by cement producers as fine repayment schedule continues

Supreme Court to hear pleas by cement producers as fine repayment schedule continues

Written by Global Cement staff 08 October 2018
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India: The Supreme Court has agreed to examine a plea by cement producers about a charge of cartel-like behaviour made by real estate developers and upheld by the Competition Commission of India (CCI). However, the court has insisted that the payment schedule of the fine imposed will have to be upheld while the appeal proceeds, according to the Economic Times newspaper. The accused cement producers have been ordered to deposit 10% of the fine.

10 cement companies – including India Cements, Ramco Cements, Nuvoco Vistas Corporation, Ambuja Cement, ACC, Jaiprakash Associates, Century Textiles and Industries and UltraTech Cement – were accused by the Builders' Association of India and the CCI in 2010 of cartel-like behaviour. They were then fined US$905m or 0.5% of their net turnover. The producers first tried to appeal with the National Company Law Appellate Tribunal (NCLAT) but the tribunal dismissed their plea against the CCI finding in late July 2018.

Last modified on 09 October 2018
Published in Global Cement News
Tagged under
  • Legal
  • Fine
  • Cartel
  • Competition Commission of India
  • India
  • India Cements
  • Ramco Cement
  • Nuvoco Vistas
  • Ambuja
  • Century Textiles and Industries
  • UltraTech Cement
  • Builders Association of India
  • National Company Law Appellate Tribunal
  • appeal
  • GCW374
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