The Competition Appellate Tribunal (COMPAT) has stayed the order of antitrust regulator Competition Commission of India (CCI) against two entities which were found guilty of cartelisation. The orders were in favour of Jaiprakash Associates and the Cement Manufacturers’ Association (CMA).
Both the entities have to deposit 10 per cent of the penalties in fixed deposits of six-month duration with its registry.
On 7 November, COMPAT had similarly stayed CCI orders against Shree Cement and ACC Ltd. The cases may be heard next on 7 December.
Jaiprakash and CMA had appealed before the tribunal against CCI’s 31st August decision, which found 11 cement firms and CMA guilty of cartelization.
CCI had imposed penalties of Rs 1,147.59 crore on ACC, Rs 1,163.91 crore on Ambuja Cements, Rs 167.32 crore on Binani Cement, Rs 274.02 crore on Century Cement, Rs 397 crore on Shree Cements, Rs 187.48 crore on India Cements, Rs 128.54 crore on JK Cements, Rs 490.01 crore on Lafarge, Rs 258.63 crore on Ramco, Rs 1,175.49 crore on UltraTech Ltd and
Rs 1,323.60 crore on Jaiprakash Associates. CMA was hit with a penalty of Rs 73 lakh.