Friday, 20 January 2017
CCI Imposes Penalties On 7 Cement Companies For Bid-Rigging
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Fair play regulator Competition Commission of India (CCI) on Thursday said it has imposed penalties on seven cement companies for bid-rigging. According to the regulator, the case pertains to a tender floated by the 'Director, Supplies & Disposals', Haryana, in the year 2012, for procurement of cement.
"The bid-rigging has been established from quoting of unusually higher rates in the impugned tender (than rates quoted in tenders of previous years), determining different basic prices for supply of cement at the same destination through reverse calculation," the regulator said in a statement. "The anti-competitive conduct was re-affirmed through SMS exchanged and calls made amongst the officials of the cement companies.
" The regulator disclosed that it has imposed fines on Shree Cement, UltraTech Cement, Jaiprakash Associates, J.K. Cement, Ambuja Cements, ACC and J.K. Lakshmi Cement. "Penalty of Rs 18.44 crore, Rs 68.30 crore, Rs 38.02 crore, Rs 9.26 crore, Rs 29.84 crore, Rs 35.32 crore and Rs 6.55 crore has been imposed upon Shree Cement, UltraTech Cement, Jaiprakash Associates, J.K. Cement, Ambuja Cements, ACC and J.K. Lakshmi Cement," the statement pointed out.