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Madras High Court Directs Probe into Cartelization by Cement Manufacturers
The Madras High Court directed a Central Bureau of Investigation (CBI) enquiry into allegations that cement manufacturers in the country have conspired to cartelize the cement industry, by creating artificial scarcities and fixing higher prices
BY
Realty Plus
Published - Friday, 30 Apr, 2021
BY
Realty Plus
Published - Friday, 30 Apr, 2021
The Madras High Court directed a Central Bureau of Investigation (CBI) enquiry into allegations that cement manufacturers in the country have conspired to cartelize the cement industry, by creating artificial scarcities and fixing higher prices
A petition moved by the Class I Contractor Welfare Association came up before Justice V Bhavani Subbaroyan, who directed the CBI to file its report in the matter before posting the case next on June 3. Advocate Srinivasan accepted notice for the CBI in the matter.
The petition raised allegations against major cement players in India, including ACC Limited, Ambuja Cements Limited, Grasim Cement, Ultra Tech Cement Limited, Jaiprakash Associate Limited, The India Cements Limited, JK Cement Limited, Century Textiles and Industries Limited, The Ramco Cements Limited, Binani Cement Limited and Lafarge India Private Limited.
It was highlighted that a cement bag was priced at Rs 385 in Tamil Nadu during July 2019. Five months prior to this, it was sold at Rs 340. However, the cost was increased by 13.23% and cement is now sold at Rs 420-430, it was submitted.
The Government made its stand that they will not take any action to regulate cement price and cartelization for unlawful gainby the cement companies," the petitioner noted. While so, it was also pointed out that the petitioner had filed a complaint on the issue with the CBI on March 30, 2021, which yielded no response. This prompted the petitioner-association to approach the High Court with its prayer. The petition was filed through Advocates-on-Record, S Doraisamy, and V Elangovan.
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