Compat rejects Binani cement’s plea

Compat rejects Binani cement’s plea
19/01/2017 , by , in ALLIED

Compat has dismissed the appeal of Binani Cement seeking waiver of the direction to deposit with it 10 per cent of the total penalty amount which was imposed by Competition Commission in a cartelisation case.

“Binani Cement has failed to substantiate its claim for review of our order dated November 28, 2016,” Competition Appellate Tribunal (Compat) said.

In an order last August, CCI had slapped a penalty of over Rs 6,700 crore on 11 cement firms, including Binani Cement, for indulging in cartelisation.

Binani Cement, which was fined Rs Rs 167.32 crore, had filed an appeal against CCI order before the tribunal.

In November 2016, Compat stayed CCI order on one of the conditions that the company deposit 10 per cent of the penalty with the tribunal in the form of fixed deposit for a duration of six months.

On grounds that it was facing severe financial hardship, Binani Cement had sought waiver of the 10 per cent of the penalty amount, which was to be deposited in a month’s time.

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