Judge bavani subrayan -Madras HC directs CCI to initiate probe into price cartelisation by steel companies
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Madras HC directs CCI to initiate probe into price cartelisation by steel companies
The Coimbatore Corporation Contractors Welfare Association claimed that the supply of steel was controlled in a bid to make abnormal gains.
MONEYCONTROL NEWS JULY 29, 2021 / 02:36 PM IST
The Madras High Court on July 28 directed the Competition Commission of India (CCI) to proceed with the investigation into alleged cartelisation by steel manufacturers within four months, Bar and Bench reported.
The Madras HC took on record the submission made by the Coimbatore Corporation Contractors Welfare Association alleging that steel manufacturers were controlling the supply of steel and creating artificial scarcities, thereby leading to an increase in the price of steel, the report said.
The association claimed that the supply was controlled in a bid to make abnormal gains.
The petitioner had earlier made representations to the CBI and the police, the court was told.
In the previous hearing, the court had directed the CBI to get instructions and to file a counter-affidavit.
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On July 29, the CBI informed the HC that it has forwarded the complaint to the CCI. The court, subsequently, told the CCI to proceed with the probe in accordance with law within four months.
In a separate hearing, the Madrash HC directed the Director General of Police (DGP) of Tamil Nadu to take action on a complaint alleging cartelization in the cement industry.
While hearing a petition filed by Class I Contractor Welfare Association-Mangadu, Justice V Bhavani Subbaroyan directed the DGP to take action on the complaint of the petitioner.
In this case too allegations of cartelisation were made with respect to major cement players.
The petitioner also accused ACC Limited and Ambuja Cements of leading the acts of cartelisation by cement manufacturers over the past couple of decades, as per the Bar and Bench report.
