CCI offers leniency for breaking ranks to unearth steel cartel

NEW DELHI: The Competition Commission of India today offered leniency in penalty to a steel-maker who breaks the rank of alleged cartelisation in the industry and provides key information.

"There is a leniency provision in case the member of the cartel breaks the rank and makes full true and vital disclosure which results in breaking the cartel, the CCI has been empowered to levy lesser penalty," CCI Chairman Vinod Dhall said after a meeting with leading steel manufacturers.

To CCI's appeal that steel manufacturers should follow self-compliance and a code for compliance, the steel makers said that they would prepare a code of conduct. They also emphasised that there is no cartelisation in the industry.

Representatives of Steel Ministry, state-owned Steel Authority of India Limited (SAIL), Essar Steel, JSW Steel and Ispat, attended the meeting chaired by Dhall.