NCLAT dismisses cement makers' plea against penalty for cartelisation.
In a major setback to India's leading cement producers, the National Company Law Appellate Tribunal today dismissed their plea against the approx. Rs 6,300 crores penalty imposed by India fair trade regulator over alleged cartelisation in the cement sector. The appellate tribunal also upheld that the penalty imposed by the Competition Commission of India (CCI).
The appellate tribunal observed that the fair trade regulator had imposed a minimum fine.
Some cement makers in consultation with their legal departments are likely to challenge the order before the Supreme Court.
In a major setback to India's leading cement producers, the National Company Law Appellate Tribunal today dismissed their plea against the approx. Rs 6,300 crores penalty imposed by India fair trade regulator over alleged cartelisation in the cement sector. The appellate tribunal also upheld that the penalty imposed by the Competition Commission of India (CCI).
The appellate tribunal observed that the fair trade regulator had imposed a minimum fine.
Some cement makers in consultation with their legal departments are likely to challenge the order before the Supreme Court.
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