Europe / Middle East / Africa
India JK Cement reports alleged cement cartel
Aug, 03 2012
(India) -- JK Cement Limited has informed the Exchange that on July 2, 2012 Company have been served with an order dated June 20, 2012, passed by Competition Commission of India (CCI) uploading the complaint of Builders Association of India, alleging cartelization against the cement manufacturers including the Company.
CCI in its order directed:
1) That the opposite parties to "Cease and desist" from indulging in any activity relating to agreement, understanding or arrangement on prices, production and supply of cement in the market and
2) Imposed penalty of Rs. 128.54 Crores against the Company.
The Company would be initiating appropriate legal recourse against the order dated June 20, 2012.
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