The Supreme Court today directed 10 cement manufacturing companies to pay Rs 630 crore by June 24 as a pre-condition for hearing their appeals against a penalty of Rs 6,300 crore imposed on them fo

The Competition Appellate Tribunal (Compat) has directed cement companies to pay 10 per cent of the penalty of Rs 6,307 crore imposed on them by the Competition Commission of India (CCI) for cartel

As many as 10 coal blocks were allotted in the state of Chhattisgarh in last five years but none could start the production.

New Delhi Competition Appellate Tribunal today served notices to the Competition Commission and the Builders Association of India, on whose complaint the fair trade regulator had imposed a penalty of Rs 6,307 crore on 11 cement firms on charges of cartelisation.

Hearing an appeal by cement companies, including UltraTech and ACC, the tribunal also asked the CCI not to take any coercive action in the matter till October 11, when the COMPAT would next hear the case.

New Delhi After penalising 11 cement companies last month for violating the provisions of the Competition Act, 2002, the Competition Commission of India (CCI) on Monday found Shree Cement also guilty of cartelisation. As a result, CCI has imposed a penalty of R397.51 crore penalty on Shree Cements, fixed at 0.5 times of the company's net profit for the year 2009-10 and 2010-11.

CCI had not found Shree Cement guilty in its June 21 order in which it had imposed a financial penalty of about R6,200 crore on 11 cement companies and their trade association — Cement Manufacturers Association (CMA).

They were found to be reducing supplies and increasing prices

In a ‘body blow’ to the industry, which is fighting a demand slide, the Competition Commission of India (CCI) has slapped a hefty penalty of over Rs.6,300 crore on 11 cement producers, who were found violating the provisions of the Competition Act, 2002. The Act deals with anti-competitive agreements, including cartels.

The Union Coal Ministry has warned companies which are sitting idle with coal and lignite blocks that have been allotted to them to start work early or face cancellation of their contracts. As many as seven companies have been warned for delaying mining which was having an adverse impact on generation of power.

New Delhi Taking forward its crusade against firms sitting idle on coal and lignite blocks allocated to them, the coal ministry has issued warnings to another seven firms, asking them to either develop the blocks or get them cancelled.

New Delhi India Inc is employing various means to cut its greenhouse gas emissions and the efforts are not just restricted to a handful of sectors but cut across the spectrum, from automobiles and infrastructure to FMCG and consumer durables.

Among the Indian firms that have managed to successfully put in place a road map for gradual reduction of emissions include Binani Cement, Mahindra &

New Delhi: Leading cement makers such as Binani Cement, Shree Cement and ACC Cement are embracing the use of alternative fuels, energy-efficient production and new technology to cut down the carbon footprint of an industry that globally releases 5% of man-made carbon emissions.