New Delhi [India], July 4 : With its probe into a complaint by ONGC alleging cartelisation, finding evidence of Ultratech's subsidiary India Cements engaged in collusion with two other cement manufacturers in violation of the norms, the Competition Commission of India has given directions for submitting detailed financial and income tax records.
The competition watchdog probed a complaint by ONGC alleging cartelisation in its tenders. Its probe found evidence of Ultratech and its subsidiary engaging in anti-competitive collusion with two other cement manufacturers - Shree Digvijay Cement and Dalmia Cements, with a middleman allegedly facilitating coordination among the parties.
Senior executives of the company have been held accountable under the relevant sections of the Competition Act.
The Commission has directed Ultratech and its executives to submit detailed financial and income tax records for five years. A formal response has also been sought to the investigation report.
CCI works to protect consumer interests and spur innovation and efficiency among businesses.
The objectives of the Competition Act are sought to be achieved through the Competition Commission of India, which was established by the Central Government in 2003. The Commission consists of a Chairperson and not less than two and not more than six other Members to be appointed by the Central Government.
It is the duty of the Commission to eliminate practices having an adverse effect on competition, promote and sustain competition, protect the interests of consumers and ensure freedom of trade in the markets of India.
The Commission is also required to give an opinion on competition issues on a reference received from a statutory authority established under any law and to undertake competition advocacy, create public awareness and impart training on competition issues.