UltraTech Cement Issues Strong Rebuttal (Pic: Social Media)
UltraTech Cement, the flagship cement company of the Aditya Birla Group, has denied being under investigation in an alleged anti-competitive practices case before the Competition Commission of India (CCI). In a regulatory filing, the company stated that it has not received any order from the CCI in Case No. 35 of 2020, nor has the competition watchdog sought its financials.
The company addressed reports circulating in the public domain regarding a probe into alleged violation of competition norms, calling them “false and misleading.” UltraTech clarified, “It is clarified that the Company is not under investigation in this Case No. 35 of 2020 before the Competition Commission of India (‘CCI’). The Company has neither received any order from the CCI in this case nor have the Company’s financials been sought by the CCI.”
UltraTech further stated that its subsidiary, India Cements Limited (ICEM), is a party to the case and is independently handling the matter. “India Cements Limited (‘ICEM’), a subsidiary of the Company, is party to Case No. 35 of 2020 and is separately making appropriate disclosures in this regard, while exploring legal options,” the filing said.
The company also warned that it may pursue legal action against the spread of misinformation, adding, “UltraTech Cement reserves its rights to take necessary legal steps in light of these misleading reports to protect its reputation.”
The case reportedly stems from a complaint filed by the Oil and Natural Gas Corporation (ONGC), which alleged violations of competition norms by certain cement companies.
The Competition Commission of India (CCI), established in 2003 under the Competition Act, is tasked with eliminating practices that have an adverse effect on competition. It promotes and sustains fair competition, protects consumer interests, and ensures the freedom of trade across Indian markets.
The CCI consists of a Chairperson and between two to six members, appointed by the Central Government. Apart from adjudicating cases, the Commission is also mandated to provide opinions on competition matters referred by statutory authorities, advocate for competition, create public awareness, and conduct training on related issues.
(From ANI)
Aishwarya is a journalism graduate with over three years of experience thriving in the buzzing corporate media world. She’s got a knack for decoding business news, tracking the twists and turns of the stock market, covering the masala of the entertainment world, and sometimes her stories come with just the right sprinkle of political commentary. She has worked with several organizations, interned at ZEE and gained professional skills at TV9 and News24, And now is learning and writing at NewsX, she’s no stranger to the newsroom hustle. Her storytelling style is fast-paced, creative, and perfectly tailored to connect with both the platform and its audience. Moto: Approaching every story from the reader’s point of view, backing up her insights with solid facts.
Always bold with her opinions, she also never misses the chance to weave in expert voices, keeping things balanced and insightful. In short, Aishwarya brings a fresh, sharp, and fact-driven voice to every story she touches.
Vladimir Putin sat beside PM Modi as President Droupadi Murmu hosted a state banquet at…
The state dinner invitation to Shashi Tharoor with Putin, while Rahul Gandhi and Mallikarjun Kharge…
Google Workspace AI Studio: How To Build Your Own Assistant Without Coding, Learn In Easy Steps
Google has launched its new feature in Google Workspace through which users can create custom…
