Ten cement manufacturers including ACC, Ambuja, LaFarge, Jaiprakash, UltraTech, India Cements and Ramco have filed an appeal in the Supreme Court against a tribunal order which upheld a cartelization order against them. Towards this, each have them have deposited 10% of the fine amount to the court, pending outcome. The National Company Law Appellate Tribunal upheld a Rs 6,300 crore fine imposed for cartelization last July. This, the cement makers feel was unjust and have filed an appeal against it in the apex court and obtained injunction. In August 2016, the CCI ruled that 10 cement companies colluded with each other and shared details relating to prices, capacity utilisation, production and dispatches and thereby restricted production, colluding with each other to jack up prices. They also regulated supplies to the market, against principles of fair trade, the CCI said. The appeal was filed and the Supreme Court on October 5, admitted our appeal along with the appeals of the other affected cement companies and ordered the continuation of interim orders that had been passed by NCLAT in these cases, a regulatory filing by Ramco said. Law mandates that 10% of the fine amount be deposited with the court pending outcome of the appeal. India Cements too confirmed filing the appeal. We have also appealed against the order, said VM Mohan, ACC was fined Rs 1,148 crore Ambuja Rs 1,164 crore, Ultra Tech Rs 1,175 crore, Jaiprakash Associates Rs 1,323 crore.
Cement makers challenge get SC relief against NCLAT order on cartelization
