The Competition Appellate Tribunal (COMPAT) has started hearings on the plea of 11 cement companies seeking stay on Rs 6,307 crore ($1,160.4 mn) penalty imposed by fair trade regulator Competition Commission of India (CCI) on the grounds of cartelisation.
It was COMPAT’s first hearing after the cement firms filed their amended petitions after CCI served them separate copies of its order providing them with complete details on production, pricing, dispatches and sales etc.
After hearing day-long arguments, a three-member COMPAT bench, headed by its Chairman Justice VS Sirpurkar, adjourned the matter to January 29. The COMPAT has asked the cement firms to fix the common issues against the CCI’s order between them, as they would be discussed first. Separate aspects would be discussed later.
The cement companies charged with cartelisation also include Lafarge India, India Cement, JP Associates, Binani Cement, Ambuja Cement, Madras Cement and J K Cement.