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Cement manufacturers have moved the Competition Appellate Tribunal (COMPAT) against Rs 6,700 crore penalty slapped by the fair trade regulator Competition Commission of India (CCI) for indulging in cartelization. In August, CCI had slapped an over Rs 6700 crore penalty on 11 cement firms including ACC, Ambuja, Ramco and JK Cement as well as the industry body Cement Manufacturers Association (CMA) for indulging in cartelization.
In a regulatory filing today, ACC Ltd said: "Some cement manufacturers including the company had filed an appeal before COMPAT against CCI order (August 31, 2016), Whilst admitting the Appeal, COMPAT has passed a similar order as was passed in 2012 in the same matter, directing Appellants including the firm to deposit 10 percent of penalty -- Rs 114.79 crore -- by way of a fixed deposit with a lien in favour of the CCI."
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