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Key Points

UltraTech Cement has strongly refuted claims of being under investigation by the Competition Commission of India (CCI). The company issued a clear statement emphasizing that it has not received any orders or financial inquiries from the regulatory body. While India Cements, a subsidiary, is party to Case No. 35 of 2020, UltraTech maintains its commitment to legal transparency. The firm has reserved its right to take necessary legal steps to protect its corporate reputation.

Key Points: UltraTech Denies CCI Investigation Amid Regulatory Scrutiny

  • UltraTech refutes allegations of anti-competitive practices
  • Company maintains transparency in regulatory compliance
  • India Cements subsidiary involved in specific case
  • Firm reserves legal rights against misleading reports
2 min read

Not under investigation by CCI, India Cements party to case: UltraTech

UltraTech Cement clarifies no ongoing CCI probe, affirms India Cements' involvement in Case No. 35 of 2020 while protecting company reputation

"The Company has neither received any order from the CCI in this case - UltraTech Official Statement"

Mumbai, July 5

UltraTech, the flagship cement company of Aditya Birla Group, has said that it is not under investigation in a case related to anti-competitive practice before the Competition Commission of India and it has neither received any order from the CCI in this case nor have the company financials been sought by competition watchdog.

In a stock filing, UltraTech termed as "false and misleading" reports published in public domain concerning the company over the CCI probe over alleged flouting of competition norms.

"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 a complaint by ONGC over the alleged flouting of competition norms.

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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Reader Comments

P
Priya S
Good that UltraTech clarified their position. Stock markets react so badly to such rumors. My father invested in their shares last month and was worried sick after seeing those reports.
A
Aman W
CCI needs more teeth to handle these corporate giants. Every other day there's some competition law violation case against cement companies. They're all in it together to keep prices high!
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Sarah B
As someone working in corporate law, I appreciate UltraTech's prompt clarification. Legal technicalities matter - parent and subsidiary companies are separate legal entities. People shouldn't jump to conclusions.
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Vikram M
Ye ONGC wale har kisi ko pakad lete hain! First they complain about Reliance, now UltraTech. Maybe they should focus on their own oil production instead of filing cases 😂
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Nisha Z
Whatever the case, cement prices never come down in our country. Whether it's UltraTech or others, common people suffer the most in these corporate battles. Government should regulate prices properly.
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Karthik V
Respectfully disagree with UltraTech's statement. If their subsidiary is involved, they should take responsibility instead of distancing themselves. Corporate ethics matter as much as legal technicalities.

We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.

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