The Competition Appellate Tribunal (COMPAT) has served notice to the Competition Commission of India and the Builders Association of India regarding the INR6307 crore (US$1.1bn) fine issued on 11 cement producers for price fixing.
Hearing an appeal by cement companies including UltraTech and ACC, the tribunal also asked the CCI not to take any coercive action in the matter until 11 October when the COMPAT would next hear the case.
In their petitions, the cement firms have requested the tribunal to quash the entire CCI order. They have also requested the COMPAT to grant an interim stay on the CCI's penalty till the tribunal decides on their petitions. The Cement Manufacturers Association (CMA) has also challenged CCI's findings along with the producers.
The CCI investigation into cement prices was initiated following complaints by the Builders Association of India. The CCI's US$1.1bn fine on the 11 cement producers was announced in June this year and is the largest in the authority's three-year existence.
Source: Press Trust of India
