Cartel probe: CCI seeks 9 years of financial records from UltraTech, Dalmia Bharat, others; flags ONGC tender cartelisation
In its order dated May 26, the fair trade regulator asked UltraTech to submit India Cements' audited financial statements — including balance sheets and profit and loss accounts — for the financial years 2014-15 to 2018-19. Dalmia Bharat and Shree Digvijay Cement have been asked to submit similar records spanning nine financial years from 2010-11 to 2018-19, PTI reported.
The CCI also instructed designated executives of all three cement companies to provide personal financial details and income tax returns for five years, in addition to formal responses to the DG's report.
The move follows a complaint filed by state-run ONGC alleging cartelisation in its procurement tenders. On November 18, 2020, CCI had ordered the DG to investigate. The probe report, submitted on February 18, 2025, found evidence suggesting that India Cements, Shree Digvijay, and Dalmia Bharat, in alleged coordination with a middleman named Umakant Agarwal, were engaged in anti-competitive conduct.
Taking note of the findings, the CCI's order said companies must also report the revenues earned from sales related to the alleged cartelised activities.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
La Spezia: L'ultima soluzione acustica svizzera: ingegnosa e quasi invisibile
Migliora Udito
Undo
The regulator cautioned that failure to provide the required information — or providing incomplete or false details — could attract penalties under Section 45 of the Competition Act.
In December 2024, UltraTech Cement became the promoter of India Cements after acquiring a 32.72% stake from its promoters and promoter group entities. This followed an earlier market purchase of a 22.77% stake, making the Aditya Birla Group-owned UltraTech the controlling shareholder of the Tamil Nadu-based company.
Stay informed with the latest
business
news, updates on
bank holidays
and
public holidays
.
AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
27 minutes ago
- Indian Express
‘Open defiance of courts': Lawyer who fought for a decade to get old vehicles banned on Delhi govt's U-turn
In 2014, Delhi-based lawyer Vardhaman Kaushik moved the National Green Tribunal (NGT) over the Capital's choking air pollution crisis. A decade and orders from the NGT and Supreme Court later, a no-fuel ban on end-of-life petrol and diesel vehicles has barely lasted three days. On Thursday, in a letter to the Commission for Air Quality Management (CAQM) — the overarching statutory body for matters concerning air pollution — Delhi Environment Minister Manjinder Singh Sirsa had said that it would not be feasible to enforce the ban 'at this juncture', and 'immediate implementation… may be premature and potentially counter-productive'. The ban came into effect on July 1. The Delhi government's move has drawn sharp criticism from several quarters. According to Kaushik, the 'poor implementation' of the ban order is 'an open defiance of courts'. 'The (Supreme Court) judgment (on fuel ban) had come in long ago, in 2018… and it has not been executed,' Kaushik told The Indian Express. 'The fuel ban was only a way to implement the court's directions. The hue and cry over this now doesn't make sense.' 'This is not a new rule. These rules for end-of-life vehicles have been there for a long time. The judgment is not being taken seriously,' Kaushik said, adding that only a few vehicles have been impounded over the years. Kaushik dismissed the argument that the ban unfairly targets the middle class. 'People who can afford cars and sit in air-conditioned rooms are cribbing at not being able to sell their car at good rates… Their opinion should not matter,' he said. 'The larger population that cannot afford cars bears the brunt of air pollution.' He insisted that emissions, not the age of the vehicles, should be the focus. However, he underscored that age remains a legitimate proxy. 'Even if an age cap is put aside as suggested by the Environment Minister, the fact remains that a (Bharat Standard) BS III or a BS IV vehicle will always be far more polluting than a BS VI vehicle. The government needs to take a call at this juncture.' In April 2015, acting on Kaushik's plea, the NGT had laid the legal foundation for phasing out old vehicles from the Capital's roads. In 2018, the Supreme Court banned diesel vehicles older than 10 years and petrol vehicles older than 15 years in Delhi. The legal backing for the ban was reinforced by the 2018 SC order, which had upheld the NGT order. 'The Transport Departments of NCR will immediately announce that all diesel vehicles more than 10 years old and petrol vehicles more than 15 years old shall not ply in NCR in terms of the order of the National Green Tribunal…,' the order had said. It also mandated the impounding of violators and directed that lists of such vehicles be published on the websites of the Central Pollution Control Board and respective transport departments. Following the CAQM's April order on enforcing a fuel ban, a phased rollout was planned, first in Delhi from July 1, then expanded to the districts of Faridabad, Gurgaon, Ghaziabad, Gautam Buddha Nagar, and Sonipat in November. The plan was to expand the ban to the rest of the NCR from April 1, 2026.
Time of India
an hour ago
- Time of India
FM Nirmala Sitharaman calls for Global South unity to tackle uncertainties
Nirmala Sitharaman (File photo) NEW DELHI: Finance minister Nirmala Sitharaman on Friday stressed the need for decisive collective action by the Global South to deal with multiple uncertainties arising out of fiscal constraints in several economies and evolving geopolitical dynamics. She was speaking at the annual meeting of Board Governors of the New Development Bank (NDB) in Rio De Janeiro, Brazil on 'Driving Development: Fostering Innovation, Cooperation, and Impact through a Multilateral Development Bank for the Global South'. Sitharaman said the meeting is taking place at a defining moment for the Global South, as the world grapples with multiple uncertainties arising from fiscal constraints in several economies, climate transition issues and evolving geopolitical dynamics. "In response to these challenges, our collective action must be decisive, inclusive, and forward-looking," she said. The New Development Bank (NDB) has been established by BRICS nations. She noted that MDBs play a pivotal role in complementing our efforts in tackling these uncertainties. "MDBs have a distinctive comparative advantage in their ability to catalyse both public and private investments by offering a package of technical expertise, concessional financing, and effective risk mitigation tools thereby widening our policy options," she said. Sitharaman added that NDB has emerged as a key partner-channelising development finance, supporting resilient infrastructure, and fostering meaningful cooperation across the Global South through a pragmatic approach. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
an hour ago
- Time of India
Muted demand: Home loan growth falls to 2.7% in FY25
MUMBAI: India's retail lending sector slowed notably in FY25, as a mix of economic headwinds, regulatory tightening, and shifting borrower behaviour led to a broad-based moderation in credit growth. According to CRIF High Mark's annual How India Lends FY25 report, the deceleration was especially visible in home loans and personal loans, which have traditionally anchored the retail credit engine. Home loan originations rose by just 2.7% year-on-year, increasing by Rs 28,163 crore to Rs 10.7 lakh crore, a sharp fall from the 9.4% growth (Rs 97,978 crore) recorded in FY24. The slowdown was even starker in volume terms, with originations falling by 2 lakh to 34.7 lakh loans in FY25, compared to 36.6 lakh a year ago. High property prices and macroeconomic uncertainties dampened demand, although public sector banks managed to grow their market share, partially offsetting declines seen by private lenders. The overall consumption loan market also showed signs of fatigue. Origination value growth fell to 10.0% in FY25 from 14.7% the previous year, while volume growth slipped marginally to 9.7% from 10.0%. This pullback was largely due to increased lender caution, tighter risk controls, and rising stress in unsecured credit categories. Personal loans were hit harder, with origination value declining by 2.9% or Rs 26,615 crore to Rs 8.8 lakh crore, down from Rs 9.1 lakh crore in FY24. While volumes rose to 14.6 crore loans, marking 8.3% growth over the previous year, this was a steep drop from the 26.9% surge in FY24. The increase in average ticket size masked slower borrower acquisition, as lenders turned risk-averse in the face of mounting delinquencies. Two-wheeler loans, once a fast-expanding segment, saw their growth halve. Origination value rose by 10.6% or Rs 10,513 crore to Rs 1.1 lakh crore, compared to 25.1% growth (Rs 20,019 crore) in FY24. Auto loans also lost momentum, with originations increasing by just 5.2% or Rs 17,692 crore to Rs 3.6 lakh crore in FY25. This marked a sharp drop from 15.3% growth in FY24 and a 37.6% rise in FY23. Normalised vehicle demand post-pandemic and a high base effect contributed to the cooling trend. Consumer durable loans recorded muted expansion, with originations rising 3.3% or Rs 5,144 crore to Rs 1.6 lakh crore, despite strong volume growth. Inflationary pressures and flat wage growth compressed ticket sizes, capping value growth. Credit card issuance, meanwhile, fell sharply by 26.4%, down 77.7 lakh cards to 2.2 crore from 2.9 crore lakh in FY24. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
