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News Competition body rejects Binani Cement’s appeal to relax fine

Competition body rejects Binani Cement’s appeal to relax fine

Written by Global Cement staff 18 January 2017
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India: The Competition Appellate Tribunal (COMPAT) has rejected an appeal by Binani Cement to waive paying a 10% deposit of a US$25m fine that was given to it by the Competition Commission of India (CCI) for cartel-like behaviour. COMPAT said that the cement producer had failed to add any further information to the situation or pointed out any errors in the procedure, according to the Press Trust of India. In August 2016 the CCI imposed fines of nearly US$1bn on cement producers including ACC, ACL, Binani, Century, India Cements, JK Cement, Lafarge, Ramco, UltraTech, Jaiprakash Associates and the Cement Manufacturers Association for alleged cartelisation activity.

In November 2016, the COMPAT delayed the CCI condition that the cement producers deposit 10% of the fine. However, Binani Cement requested to waive the deposit on grounds of severe financial hardship. Binani Cement now potentially faces interest charges on top of the deposit as its appeal was dismissed.

Last modified on 18 January 2017
Published in Global Cement News
Tagged under
  • India
  • appeal
  • Binani
  • Competition Appellate Tribunal
  • Competition Commission of India
  • Fine
  • Cartel
  • GCW285

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