Latest news with #UmakantAgarwal
Time of India
5 hours ago
- Business
- Time of India
Not under investigations, matter relates to India Cements: UltraTech on CCI direction
NEW DELHI: The country's leading cement maker UltraTech, on Saturday said it is not under investigation by the fair trade regulator CCI over alleged contravention of competition norms in tenders floated by state-run oil major ONGC. "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," said the Aditya Birla group flagship firm in a BSE filing. It further said that its newly acquired entity India Cements Ltd (ICEM) is a party in case No 35 of 2020 and the South-India-based manufacturer is exploring legal options over the same. "The India Cements Ltd (ICL), 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," it said. India Cements, which was earlier promoted by the Srinivasan family, was acquired by UltraTech in December 2024. It had acquired a 32.72 per cent stake from promoters and promoter group entities, along with a 22.77 per cent stake from the market of the Tamil Nadu-based company. Meanwhile, in a separate filing on Saturday, India Cements said it is "yet to receive a full version of the investigation report of the Director General, under the Competition Act, 2002". It is currently assessing its legal options and "there is no finding by the CCI at this stage against ICEM and no financial penalty has been levied". Earlier, in May this year, CCI had directed India Cements, along with Dalmia Bharat Cements and Shree Digvijay Cements and their executives to submit financial documents, after its Director General in its investigations found contravention of competition norms. The CCI direction came over a complaint filed by ONGC alleging cartelisation in its tender. The Competition Commission of India (CCI) has also directed to submit their audited financial statement, including balance sheet and profit and loss account, within eight weeks of the order. Besides, CCI has also directed their executives to submit detailed financials and income tax records for five years, along with formal responses to the investigation report. On Friday, Dalmia Bharat, in a regulatory filing, said CCI is yet to hear in the matter or pass any formal order. "DCBL remains committed to full regulatory compliance and is cooperating with the authorities," it said. The CCI direction came over a complaint filed by ONGC alleging cartelisation in its tenders. Following this, the fair trade regulator had on November 18, 2020, directed its probe unit Director General to look into the issue. The DG had submitted the report of its investigation on February 18, 2025, in which found contraventions of the competition regulations. It had found that India Cements, along with Shree Digvijay Cement and Dalmia Cement, with a middleman named Umakant Agarwal, engaged in anti-competitive collusion. Later, CCI on May 26, 2025, considered the investigation report and in a four-page order also directed the cement manufacturer to submit income derived from sales to alleged contraventions by the PSU. The CCI notice also mentioned if there is non-furnishing of the financial details or incomplete/false information, within the time frame by the companies, then they would be liable under section 45 of the Act.
&w=3840&q=100)
Business Standard
a day ago
- Business
- Business Standard
Not under CCI investigation, matter relates to India Cements: UltraTech
The country's leading cement maker UltraTec, on Saturday said it is not under investigation by the fair trade regulator CCI over alleged contravention of competition norms in tenders floated by state-run oil major ONGC. "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," said the Aditya Birla group flagship firm in a BSE filing. It further said that its newly acquired entity India Cements Ltd (ICEM) is a party in case No 35 of 2020 and the South-India-based manufacturer is exploring legal options over the same. "The India Cements Ltd (ICL), 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," it said. India Cements, which was earlier promoted by the Srinivasan family, was acquired by UltraTech in December 2024. It had acquired a 32.72 per cent stake from promoters and promoter group entities, along with a 22.77 per cent stake from the market of the Tamil Nadu-based company. Meanwhile, in a separate filing on Saturday, India Cements said it is "yet to receive a full version of the investigation report of the Director General, under the Competition Act, 2002". It is currently assessing its legal options and "there is no finding by the CCI at this stage against ICEM and no financial penalty has been levied". Earlier, in May this year, CCI had directed India Cements, along with Dalmia Bharat Cements and Shree Digvijay Cements and their executives to submit financial documents, after its Director General in its investigations found contravention of competition norms. The CCI direction came over a complaint filed by ONGC alleging cartelisation in its tender. The Competition Commission of India (CCI) has also directed to submit their audited financial statement, including balance sheet and profit and loss account, within eight weeks of the order. Besides, CCI has also directed their executives to submit detailed financials and income tax records for five years, along with formal responses to the investigation report. On Friday, Dalmia Bharat, in a regulatory filing, said CCI is yet to hear in the matter or pass any formal order. "DCBL remains committed to full regulatory compliance and is cooperating with the authorities," it said. The CCI direction came over a complaint filed by ONGC alleging cartelisation in its tenders. Following this, the fair trade regulator had on November 18, 2020, directed its probe unit Director General to look into the issue. The DG had submitted the report of its investigation on February 18, 2025, in which found contraventions of the competition regulations. It had found that India Cements, along with Shree Digvijay Cement and Dalmia Cement, with a middleman named Umakant Agarwal, engaged in anti-competitive collusion. Later, CCI on May 26, 2025, considered the investigation report and in a four-page order also directed the cement manufacturer to submit income derived from sales to alleged contraventions by the PSU. The CCI notice also mentioned if there is non-furnishing of the financial details or incomplete/false information, within the time frame by the companies, then they would be liable under section 45 of the Act.
Time of India
a day ago
- Business
- Time of India
CCI directs UltraTech Cement, Dalmia Bharat to furnish financial records
NEW DELHI: Fair trade regulator CCI has directed Aditya Birla firm UltraTech, which now owns south-based cement firm India Cements , along with two other makers and their executives to submit financial documents, after its Director General in its investigations found contravention of competition norms. The Competition Commission of India (CCI) has also directed Dalmia Bharat Cements and Shree Digvijay Cements to submit their audited financial statement, including balance sheet and profit and loss account, within eight weeks of the order. It has directed UltraTech to submit the financial statements of its subsidiary India Cements for five years from FY15 to FY19, while Dalmia Bharat Cements and Shree Digvijay Cements for nine years, from FY11 to FY19. Besides, CCI has also directed their executives to submit detailed financials and income tax records for five years, along with formal responses to the investigation report. An email sent to UltraTech Cements remained unanswered till the time of filing the story. Dalmia Bharat, in a regulatory filing, said CCI is yet to hear it in the matter or pass any formal order. "DCBL remains committed to full regulatory compliance and is cooperating with the authorities," it said. The CCI direction came over a complaint filed by ONGC alleging cartelisation in its tenders. Following this, the fair trade regulator had on November 18, 2020, directed its probe unit Director General to look into the issue. The DG had submitted its investigations report on February 18, 2025, in which found contraventions of the competition regulations. It had found that Ultratech's subsidiary India Cements, along with Shree Digvijay Cement and Dalmia Cement, with a middleman named Umakant Agarwal, engaged in anti-competitive collusion. Later, CCI on May 26, 2025, considered the investigation report and in a four-page order also directed the cement manufacturer to submit income derived from sales to alleged contraventions by the PSU. The CCI notice also mentioned if there is non-furnishing of the financial details or incomplete/false information, within the time frame by the companies, then they would be liable under section 45 of the Act. Earlier, in December 2024, UltraTech Cements had acquired 32.72 per cent stake from promoters and promoter group entities of India Cements Ltd. The Aditya Birla Group firm, which already had acquired a 22.77 per cent stake from the market, became the promoter of the Tamil Nadu-based company.
Time of India
2 days ago
- Business
- Time of India
CCI directs UltraTech, two others to give financial statements
The Competition Commission of India (CCI) has instructed UltraTech, India Cements, Dalmia Cement (Bharat) Limited, Shree Digvijay Cement, and their executives to provide audited financial statements following a complaint by ONGC alleging cartelisation in tenders. The CCI's investigation suggests an anti-competitive agreement affecting competition in the Indian market. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: The Competition Commission of India (CCI) has directed Aditya Birla Group company UltraTech , owner of southern India-based India Cements , along with Dalmia Cement (Bharat) Limited (DCBL) and Shree Digvijay Cement and their executives to submit audited financial statements, including balance sheet and profit and loss account, within eight weeks of the competition watchdog's direction came over a complaint filed by ONGC alleging cartelisation in its tenders. Following the complaint, the CCI had on November 18, 2020, directed its probe unit director general to look into the issue. The director general submitted the investigation report on February 18, this year, alleging contravention of the competition CCI, after considering the report, concluded that the parties had entered into an anti-competitive agreement regarding supply, distribution or storage of goods with respect to an ONGC tender, affecting competition in the Indian competition watchdog has directed UltraTech to submit the financial statements of its subsidiary India Cements for five years, from 2014-15 to 2018-19, and Dalmia Cement (Bharat) and Shree Digvijay Cement for nine years, from 2010-11 to 2018-19. It has also directed the executives of these companies to submit their detailed financials and income tax records for five years, along with their formal responses to the investigation Cement (Bharat) said in a regulatory filing that the CCI had yet to hear it in the matter or pass any formal order. "DCBL remains committed to full regulatory compliance and is cooperating with the authorities," it CCI found that India Cements, along with Shree Digvijay Cement and Dalmia Cement (Bharat), with a middleman named Umakant Agarwal, allegedly engaged in anti-competitive on May 26, the CCI considered the investigation report and in a four-page order also directed the cement manufacturer to submit income derived from sales to ONGC.
The Hindu
2 days ago
- Business
- The Hindu
CCI directs UltraTech/India Cements, Dalmia Bharat to furnish financial records
Fair trade regulator CCI has directed Aditya Birla firm UltraTech, which now owns South-based cement firm India Cements, along with two other cement makers and their executives to submit financial documents, after its Director General, in its investigations, found contravention of competition norms. The Competition Commission of India (CCI) has also directed Dalmia Bharat Cements and Shree Digvijay Cements to submit their audited financial statements, including balance sheets and profit and loss accounts, within eight weeks of the order. It has directed UltraTech to submit the financial statements of its subsidiary India Cements for five years from FY15 to FY19, while Dalmia Bharat Cements and Shree Digvijay Cements for nine years, from FY11 to FY19. Besides, CCI has also directed their executives to submit detailed financials and income tax records for five years, along with formal responses to the investigation report. An email sent to UltraTech Cements remained unanswered till the time of filing the story. Dalmia Bharat, in a regulatory filing, said CCI is yet to hear it in the matter or pass any formal order. "DCBL remains committed to full regulatory compliance and is cooperating with the authorities," it said. Allegation of cartelisation The CCI direction came over a complaint filed by ONGC alleging cartelisation in its tenders. Following this, the fair trade regulator had on November 18, 2020, directed its probe unit Director General to look into the issue. The DG had submitted its investigations report on February 18, 2025, in which found contraventions of the competition regulations. It had found that Ultratech's subsidiary India Cements, along with Shree Digvijay Cement and Dalmia Cement, with a middleman named Umakant Agarwal, engaged in anti-competitive collusion. Later, CCI on May 26, 2025, considered the investigation report and in a four-page order also directed the cement manufacturer to submit income derived from sales to alleged contraventions by the PSU. The CCI notice also mentioned if there is non-furnishing of the financial details or incomplete/false information, within the time frame by the companies, then they would be liable under section 45 of the Act. Earlier, in December 2024, UltraTech Cements had acquired 32.72% stake from promoters and promoter group entities of India Cements Ltd. The Aditya Birla Group firm, which already had acquired a 22.77% stake from the market, became the promoter of the Tamil Nadu-based company.
