Cement companies escape CCI noose (Business Standard 27th Dec 2007) The cement companies that were found guilty of cartelisation by the Monopolies and Restrictive Trade Practices Commission (MRTPC) would have had to pay a hefty fine had the Competition Commission of India (CCI) been functional. Under the Competition Act, 2007, which is yet to be notified, there is a provision that the companies guilty of cartelisation will have to pay a fine up to 10 per cent of their turnover or three times the net profit. If the penalty of 10 per cent of the turnover is imposed on 41 out of 44 guilty companies, including Larsen & Tubro, Shree Cement, JK Cement, the amount comes up to a whopping Rs 3,600 crore. And if the penalty of three times the profits is ordered by CCI, then Associated Cement Company and Ambuja Cement alone will have to pay fine of over Rs 7,000 crore. More
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