Rs.6,307 crore penalty slapped on 11 private companies for forming a cartel
Members of Builders Association of India (BAI), Tiruchi centre, and Civil Engineers Federation, Tiruchi chapter, observed fast here on Tuesday urging the Centre and the State government to constitute a cement regulatory authority to check cost escalation of the product and put an end to cartelisation.
The day-long fast organised near the Anna statue in Chinthamani was led by BAI former all India president A.K. Yousuff and Civil Engineers Federation State president Mohanraj.
While condemning the drastic rise in the price of cement and other construction materials, the association claimed that private manufacturers had been hiking cement price arbitrarily without any prior announcement and without assigning the real reason.
The steep rise in cement price had increased the construction cost causing great hardship to the general public. Notwithstanding a whopping Rs.6,307 crore penalty slapped on 11 private cement manufacturers for forming a cartel and hiking the price, the manufacturers have continued to increase the price, the BAI charged.