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Shree Cement to deposit 10% penalty

LiveMint logoLiveMint 27-05-2014 Shreeja Sen

New Delhi: The Delhi high court on Tuesday dismissed a writ petition filed by Shree Cement Ltd against an interlocutory order of the Competition Appellate Tribunal (Compat) asking it to deposit 10% of the penalty imposed by the Competition Commission of India (CCI) for hearing the company’s appeal against the CCI order.

Shree Cement had challenged the order on the grounds that it violated the principles of natural justice, because the company was being penalised in a different case, in which it wasn’t a party. However, justice Manmohan, presiding over the matter, said that CCI and Compat had adhered to the principles of natural justice and given a full hearing to the petitioner (Shree Cement).

Holding the Compat order for a predeposit of Rs39.8 crore fair and reasonable, the high court dismissed the petition. Shree Cement’s appeal against CCI’s order of a penalty of Rs398 crore is also pending before Compat.

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