India Cements gets stay on CCI order

CHENNAI: The Competition Appellate Tribunal has granted a stay in the appeal filed by India Cements Ltd against an order of the Competition Commission of India which had imposed a penalty of Rs 187.48 crore on it for cartelisation.

"The Competition Appellate Tribunal, vide its order dated November 21, 2016 granted stay against the order of CCI imposing a condition that the company shall deposit 10 per cent of the penalty in the Registry of the Tribunal in the form of fixed deposits for six months from the date of its order," N Srinivasan led-India Cements Ltd said in a BSE notification today.

"The company is arranging to deposit the amount as aforesaid..," the city-based company said.

CCI in its order imposed a penalty of Rs 6,715 crore on 11 cement companies, including India Cements Ltd and Cement Manufacturers Association, for cartelisation.