COMPAT hearing set to resume, India

The Competition Appellate Tribunal (COMPAT) hearing is to resume today over petitions filed by cement  companies over the INR63.07bn (US$1.1bn) penalty imposed by the Competition Commission of India (CC) on grounds of price collusion.

The Press Trust of India reported that a  COMPAT bench headed by it Chairman, Justice V S Sirpurkar would start its hearing on March 13 adjourned on 4 March.

CCI had found "cement manufacturers in violation of the provisions of the Competition Act 2002 which deals with anti-competitive agreements including cartels. The cement companies charged, including UltraTech Cement and Lafarge India, were fined 50 per cent of their profit for the fiscal years ending in 2010 and 2011.