The Ramco Cements Ltd. is planning to move the Supreme Court against the July 25 order passed by the National Company Law Appellant Tribunal (NCLAT) dismissing the appeal made by Ramco Cements and others.
An appeal was filed in the NCLAT by Ramco Cements and others to challenge the order of the Competition Commission of India (CCI) imposing a penalty of Rs. 6,700 crore on 11 cement firms, including UltraTech, ACC, Ambuja, Ramco, JK Cement and the Cement Manufactures’ Association (CMA) for alleged cartelization.
CCI imposed a penalty of Rs. 258.63 on Ramco Cements Ltd.
“As Ramco believes that it has a good case, it has decided to go on an appeal to the Supreme Court, and, hence, no provision is made,” the company said in a statement.