Massive Cement Corporate- Ultratech Cement LTD has denied stories that the corporate has been described because the investigation of the Pageant Fee of India (CCI) on the subject of Cement Cartel. The corporate has termed all stories, together with a NDTV file, as ‘deceptive and factless’. Usak says that he has neither gained any order from CCI, nor has been requested to provide any more or less knowledge or report.
Caution of prison motion
Within the submitting given to the inventory alternate on 5 July, the Ultratech Cement clarified that the corporate is neither a birthday party nor beneath investigation in Case No. 35/2020. On the other hand, her subsidiary India Cements Ltd is the birthday party on this case and she or he is making the entire important revelations one by one.
Ultratech mentioned that she is thinking about prison choices for this ‘fallacious and deceptive reporting’ and can take prison motion if important.
What’s this entire topic?
A number of media stories together with NDTV claimed that the CCI has ordered Ultratech Cement, Dalmia Bharat and Shree Digvijay Cements to put up paperwork associated with alleged cartelization. Reminiscent of monetary statements, tax returns and gross sales knowledge. The case used to be registered at the foundation of a criticism by means of the ONGC.
Consistent with the CCI’s order of 26 Might 2025, India Cements must put up monetary paperwork from FY15 to FY19. On the similar time, Dalmia Bharat and Shree Digvijay Cements must supply audited monetary commentary, tax information and gross sales knowledge associated with PSU tenders from FY11 to FY11.
The Fee has additionally clarified that if an organization provides fallacious or incomplete knowledge, motion can also be taken beneath Segment 45 of the Pageant Act.
Company hyperlink of Ultratech and India Cements
Ultratech Cement took the function of a promoter in December 2024 by means of buying 32.72% stake in India Cayments LTD. Previous, Ultratech already had 22.77% fairness stake.