Competition Commission of India slapped Rs 6,715 crore fine on cement companies: Nirmala Sitharaman

NEW DELHI: The Competition Commission of India (CCI) has slapped fines of nearly Rs 6,715 crore on cement firms besides penalties worth more than Rs 55 lakh was imposed in four cases related to unfair trade practices in the pharmaceutical sector.
The fair trade regulator had imposed cumulative penalties amounting to Rs 6,714.83 crore on 11 cement companies and the Cement Manufacturers' Association, Minister of State for Corporate Affairs Nirmala Sitharaman informed the Lok Sabha in a written reply today.

"In the pharmaceutical sector, the Commission has imposed a penalty of Rs 55,01,710 in four cases," Sitharaman said.

"Further, in two cases, penalties ranging from 7-10 per cent of the turnover have also been imposed on some office bearers of -- Bengal Chemist & Druggist Association and Chemist and Druggist Association, Ferozepur (Punjab)," she added.

Besides, in the petroleum sector, the Commission has referred the matter of fixing of petrol price by oil marketing companies for probe to its investigation arm, the Director General, however, "the matter has been stayed by the Delhi High Court," the Minister said.

"No investigation on issue of cartelisation in telecom sectors is under progress," Sitharaman noted.