Shree Cement penalized Rs.397.51 crore for monopolistic practicesJuly 30th, 2012 - 8:20 pm ICT by IANS
New Delhi, July 30 (IANS) The Competition Commission of India (CCI) Monday found 11 cement manufacturers and the Cement Manufacturers Association contravening the provisions of the Competition Act through monopolistic trade practices and imposed a penalty of Rs.397.51 crore on Shree Cement Ltd.
The CCI passed its final order here in a restrictive trade practice inquiry related to anti-competitive agreements, including cartels.
The commission also directed Shree Cement Ltd to desist from any activity related to pricing, production and supply of cement in the market and imposed a penalty at the rate of 0.5 times of its profits for the years 2009-10 and 2010-11, aggregating to Rs.397.51 crore.
As the cement companies, except Shree Cement Ltd, were already found to be in cartel in a case dating to 2010 and penalized in June 2012, the commission decided not to order penalties on such companies again for the same period of contravention.
The inquiry was based on a case received from the erstwhile Monopolies and Restrictive Trade Practices Commission under the Competition Act, 2002. The MRTP Commission had initiated the investigations on the basis of press reports published in a business daily as well as on a letter of the Builders Association of India.
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