Full probe report yet to be in: India Cements

MUMBAI India Cements clarified Saturday that it has not yet received the full investigation report from the Director General in the 2020 case regarding ongoing proceedings before the Competition Commission of India (CCI) involving the company.

The company is currently exploring its legal options and emphasised that "There is no finding by the CCI at this stage against ICEM and no financial penalty has been levied," it said in a stock exchange statement. UltraTech Cement, meanwhile, stated unequivocally that it is "not under investigation in this case before the CCI," according to a stock exchange notification. The company confirmed it has "neither received any order from CCI in this case nor have the company's financials been sought by CCI". UltraTech acknowledged that its subsidiary, India Cements, was a party to the case.