CCI directs UltraTech/India Cements, Dalmia Bharat to furnish financial records
The Competition Commission of India (CCI) has also directed Dalmia Bharat Cements and Shree Digvijay Cements to submit their audited financial statements, including balance sheets and profit and loss accounts, within eight weeks of the order.
It has directed UltraTech to submit the financial statements of its subsidiary India Cements for five years from FY15 to FY19, while Dalmia Bharat Cements and Shree Digvijay Cements for nine years, from FY11 to FY19.
Besides, CCI has also directed their executives to submit detailed financials and income tax records for five years, along with formal responses to the investigation report.
An email sent to UltraTech Cements remained unanswered till the time of filing the story.
Dalmia Bharat, in a regulatory filing, said CCI is yet to hear it in the matter or pass any formal order.
"DCBL remains committed to full regulatory compliance and is cooperating with the authorities," it said.
Allegation of cartelisation
The CCI direction came over a complaint filed by ONGC alleging cartelisation in its tenders. Following this, the fair trade regulator had on November 18, 2020, directed its probe unit Director General to look into the issue.
The DG had submitted its investigations report on February 18, 2025, in which found contraventions of the competition regulations.
It had found that Ultratech's subsidiary India Cements, along with Shree Digvijay Cement and Dalmia Cement, with a middleman named Umakant Agarwal, engaged in anti-competitive collusion.
Later, CCI on May 26, 2025, considered the investigation report and in a four-page order also directed the cement manufacturer to submit income derived from sales to alleged contraventions by the PSU.
The CCI notice also mentioned if there is non-furnishing of the financial details or incomplete/false information, within the time frame by the companies, then they would be liable under section 45 of the Act.
Earlier, in December 2024, UltraTech Cements had acquired 32.72% stake from promoters and promoter group entities of India Cements Ltd. The Aditya Birla Group firm, which already had acquired a 22.77% stake from the market, became the promoter of the Tamil Nadu-based company.
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