New Delhi Eleven cement makers whom the fair trade regulator CCI has found guilty of adopting anti-competitive practices, on Thursday approached Competition Appellate Tribunal (COMPAT) challenging its July 30 findings.

It issued notices to the Competition Commission of India and listed the matter for next hearing on November 22. The 3-member COMPAT bench, headed by its chairman Justice VS Sirpurkar, however, asked the CCI not to take any coercive action against Shree Cement Ltd against whom penalty of Rs 397.51 crore was imposed by the regulator on July 30.

SHILLONG, Oct 18: Meghalaya Chief Minister Mukul Sangma on Thursday welcomed Foreign Direct Investment (FDI) in retail and mining, despite opposition from several civil society groups.

SHILLONG, Oct 17 – Meghalaya Chief Minister Mukul Sangma today welcomed Foreign Direct Investment (FDI) in retail and mining.

To counter the BJP’s attack over the alleged malpractices in the allocation of coal blocks between 2004-09, seven Lok Sabha MPs of the Congress have urged the Central Vigilance Commission (CVC) to

The Inter-Ministerial Group (IMG) on Thursday recommended de-allocation of two more coal blocks and deduction of bank guarantee (BG) of two more blocks.

Thursday’s action concludes the IMG scrutiny of 29 blocks in the first phase. The blocks deallocated on Thursday are: Bhaskarpara, allotted to Kumarmangalam Birla-promoted Grasim Industries and Mukesh Bhandari-owned Electrotherm, and Dahegaon Markardhokra IV block, given jointly to IST Steel & Power, Gujarat Ambuja Cement and Lafarge India.

The government’s Inter-Ministerial Group (IMG) reviewing progress of coal blocks is understood to have recommended cancelling two more acreages being developed by five companies, according to people close to the development. A final view on the recommendation will be taken by Coal Minister Sriprakash Jaiswal soon.

The two blocks include Bhaskarpara with 24.6 million tonnes (mt) being developed jointly by Electrotherm (India) Ltd and Grasim Industries Ltd and Dahegaon/Makardhokra-IV with 131 mt reserves being developed by IST Steel & Power, Gujarat Ambuja Cement and Lafarge India.

Four cement plants have been shut down in Chhattisgarh since early this month on alleged violation of air pollution control norms.

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.

Ultratech, Ambuja, India Cement, Lafarge among those fined for cartelization

Competition watchdog CCI has levieed penalty of nearly Rs 6,300 cr on 11 cement companies involved in price cartel. The companies include Binani Cement, Lafarge, Grasim, ACC, Ambuja, JK Cement, Madras Cement, India Cement, Jaypee and Ultratech. The companies have been fined 50% of their profit for the fiscal years ending in 2010 and 2011 and must pay the penalty within 90 days.

10-MT GUJARAT, ANDHRA UNITS ON THE BLOCK; COULD FETCH . 9,000 CRORE
SABARINATH M, RAVI TEJA SHARMA & MAULIK VYAS