Not under investigation by CCI, India Cements party to case: UltraTech on probe over ONGC complaint
In a stock filing, UltraTech termed as "false and misleading" reports published in public domain concerning the company over the CCI probe concerning ONGC's cartelisation complaint.
"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," Ultra Tech said.
It said that 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.
"UltraTech Cement reserves its rights to take necessary legal steps in light of these misleading reports to protect its reputation," the company said.
CCI had probed complaint by ONGC alleging cartelisation.
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. (ANI)
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