The Competition Appellate Tribunal has adjourned hearing on the plea of 11 cement companies seeking stay on Rs 6,307 crore penalty imposed by fair trade regulator Competition Commission of India (CCI) on the grounds of cartelisation. A three member COMPAT bench – headed by its chairman Justice VS Sirpurkar – would now hear the matter from February 18 to 20.
COMPAT is hearing the amended petitions of the companies after CCI served them separate copies of its order providing them with complete details on production, pricing, dispatches and sales. On October 11, COMPAT had directed CCI to give fresh copies of its order levying penalties on 11 cement companies for cartelisation. In its earlier order CCI had not disclosed various facts about matters such as production, dispatches and pricing.
The companies, which include UltraTech and ACC, were also asked to file their amended petitions before the tribunal after getting the fresh order. On June 21, CCI had slapped Rs 6,307 crore penalty on 11 cement makers. The industry body CMA was also fined Rs 73 lakh.