Cement News tagged under: Competition Commission of India
SC refuses to interfere with COMPAT order against Indian cement firms13 June 2013, Published under Cement NewsThe Supreme Court declined to interfere with the order of the competition tribunal directing 10 cement firms to deposit 10 per cent of the penalty of INR63bn (US$1.08bn) imposed on them for allegedly indulging in cartelisation. However, the apex court slightly modified the order of the Competition Appellate Tribunal (COMPAT) by extending the deadline of 16 June to 24 June for depositing the amount with the tribunal. It also added that the 10 per cent amount deposited by each company sha... |
CCI asked to provide details on cement cartel ruling, India12 October 2012, Published under Cement NewsThe Competition Appellate Tribunal (COMPAT) has asked the Competition Commission of India to submit fresh copies of its order levying over INR 6,300 crore (US$1.1bn)) in penalties on 11 cement companies for cartel practices, providing them with complete details on production, pricing and sales. Hearing the appeals of the cement companies against the Competition Commission order of June 21, COMPAT asked it to issue a fresh copy of the direction to them within a week, according to reports i... |
Shree Cement to challenge CCI allegation24 August 2012, Published under Cement NewsIn an interview with CNBC-TV18, HM Bangur, Shree Cement’s managing director, said the company will challenge the fine imposed by India’s Competition Commission (CCI). Last month, the CCI gave Shree Cement a INR4000m (US$72.19m) fine for alleged involvement in a price-fixing cartel. In total, 12 Indian cement producers were fined by the CCI. Mr Bangur said, the company was given no chance of a defence. "No questions were asked; suddenly we find a fine on us. Our name was not there, so we w... |
Shree Cement fined by regulator for price fixing, India31 July 2012, Published under Cement NewsShree Cement Ltd has been fined US$72m by the Competition Commission of India (CCI), the watchdog said in a statement, making it the 12th cement company to be fined for cartel practices. Shree Cement has been fined INR3.98bn (US$72m), the equivalent of 50 per cent of its net profit for the financial years ending in 2010 and 2011, the CCI said in the statement. In June, 11 cement makers were fined a combined US$1.1bn by the CCI in June for collusion and price fixing, the biggest penalty... |
Moody's says CCI ruling to hurt Holcim & Lafarge26 June 2012, Published under Cement NewsMoody's has said the Competition Commission of India's (CCI) decision to impose a penalty on 11 cement producers is 'credit negative' for global cement majors Holcim and Lafarge both of which have Indian interests that have been fined. The agency said that the indirect consequences of the CCI decision is more harmful than the cash-outflow due to the penalty. "We believe that indirect credit consequences from the decision will outweigh the cash effect of the fines on Holcim and Lafarge,"... |
BNP Paribas maintains 'deteriorating' outlook on Indian cement sector25 June 2012, Published under Cement NewsBNP Paribas has maintained its ‘deteriorating’ outlook on the Indian cement sector given its weak macroeconomic outlook, high interest rates, continuing oversupply situation, cost inflation and ongoing regulatory overhang. The Economic Times of India reported that cement stocks have been witnessing pressures since the Competition Commission of India (CCI) imposed a penalty of US$1.1bn on 11 cement companies last week. The fines is 50 per cent of the companies’ net profit for FY10 and FY... |
Indian producers face alleged cartel fines20 June 2012, Published under Cement NewsThe Competition Commission of India (CCI) is expected to soon impose fines over alleged price collusion in the industry. According to local press reports, the CCI is expected to fine 11 large cement manufacturers approximately INR3000crore for being guilty of a price cartel. Business Standard of India quoted an unnamed source as saying: "The Competition Commission of India has found 11 cement firms guilty of cartelisation. The penalty of eight per cent of their three years' average turn... |
India: collusion ruling looms large over cement makers24 April 2012, Published under Cement NewsIndian cement makers’ stocks fell on fears that the Competition Commission of India (CCI) will rule against the sector as it deliberates on whether companies have colluded to push up prices. On Monday, the CCI imposed hefty penalties against agrichemical manufacturers, sparking fears similar action will follow regarding cement producers. |