INDIACSR News Network
NEW DELHI: A large number of cement manufacturers have been found violating the provisions of the Competition Act, 2002. The Competition Commission of India (CCI) in two cases has found 11 cement manufacturers in contravention of Competition Act.
The Commission in its first order dated 20.06.2012 has imposed a penalty of Rs.6307.32 crores on 11 cement manufacturers. In its second order dated 30.07.2012, the Commission has imposed a penalty of Rs. 397.51 crores on Shree Cement Ltd.
This was stated in the Rajya Sabha by R.P.N. Singh, Minister of State in the Ministry of Corporate Affairs in reply to a USQ question today.
The directions of the Commission are to be complied within 90 days of receipt of the order(s).
Here is the list of companies violated the law :
1. Jaiprakash Associates
4. ACC Cement,
5. Lafarge India,
6. Century Textiles
7. Madras Cements
8. Grasim Cements (now merged with UltraTech),
9. India Cements, Binani Cement
10. JK Cement
11. Cement Manufacturers Association
12. Shree Cement