CCI fines 10 cement companies and CMA for cartelisation

Posted on:02 Sep 2016 09:03:34

CCI fines 10 cement companies and CMA for cartelisation
02 September 2016 Current Affairs GK: The Competition Commission of India (CCI) has imposed penalties on 10 cement companies and their umbrella association - Cement Manufacturers Association (CMA) for cartelisation.

 The CCI has levied penalties on 10 cement companies viz. ACC, ACL,  Binani, Century, India Cements, JK Cements, Lafarge, Ramco, UltraTech and  Jaiprakash Associates.

The Builders Association of India (BAI) had filed complaint against the cement companies and the CMA alleging in fixing collectively prices of cement. 

It was alleged that these cement companies and the CMA shared details relating to prices, capacity utilisation, production and dispatch and thereby restricted output and supplies. 

Their collective was contravention of certain provisions of the Competition Act, 2002. It was also detrimental to the interests of consumers and the economy as cement is a critical basic input in construction and infrastructure industry.

Competition Commission of India (CCI)  : The CCI is quasi-judicial statutory body established under The Competition Act, 2002. 

It established in 2003 to eliminate practices that adversely affect competition in different industries and protect interests of consumers and ensure freedom of trade.

 Its predecessor was the MRTPC (Monopolies and Restrictive Trade Practices Commission) which was functional prior to 1991 Economic Reforms.

Gk Current Affairs April 2017

26 APRIL
NEWS
25 APRIL
NEWS
24 APRIL
NEWS
22 APRIL
NEWS

Gk Current Affairs March 2017

31 MARCH
NEWS
30 MARCH
NEWS
29 MARCH
NEWS
28 MARCH
NEWS

Gk Current Affairs February 2017

28 FEBRUARY
NEWS
27 FEBRUARY
NEWS
25 FEBRUARY
NEWS
24 FEBRUARY
NEWS




Get Daily Current Affairs to your Email

You can Unsubscribe us at any time.

Get Daily Current Affairs to your Email

You can Unsubscribe us at any time.