The Competition Appellate Tribunal has stayed the order of the Competition Commission of India (CCI) imposing a penalty of Rs.187.48 crore on The India Cements Ltd.
The CCI, it may be recalled, had imposed penalties on 10 cement companies and their trade association i.e. Cement Manufacturers Association (CMA) for alleged cartelisation.
The CCI noted then that the cement companies had used the platform provided by CMA and shared with each other details relating to prices, capacity utilisation, production and dispatch, restricting production and supplies in the market. Also, it found the cement companies to have been acting in concert in fixing prices of cement.
Accordingly, it had imposed penalties on 10 cement firms. The penalty on India Cements was Rs.187.48 crore.
While granting a stay on the CCI order against the company, the Appellate Tribunal, however, has asked India Cements to deposit 10 per cent of the penalty with the Registry of the Tribunal. In a filing with the National Stock Exchange (NSE), the company said it would deposit the said money as it saw a fair chance of success in its appeal.