BAI requests CCI to revise cartelisation rules
The Builders’ Association of India (BAI) has requested the Competition Commission of India (CCI) to revise its rules to allow for criminal prosecution against cement company officials for their alleged role in cartelisation.
BAI trustee D L Desai said that the association members have urged the CCI to amend its rules to allow criminal prosecution against cement companies and its officials, if they are found guilty.
According to CCI rules, if a person/company violates a cartel, then a fine of three times a company’s net profit or 10 percent of its turnover, whichever is higher will be levied on the person/firm. The BAI has insisted CCI to increase this to three times their net profit.
The Association will also ask the CCI to conduct an enquiry on the loss incurred by contractors due to such ‘profiteering‘ by the cement manufacturers. It will also consider compensating the loss to these contractors.
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Source: IBN Live
Association members, Builders' Association of India (BAI), cartelisation, cement company officials, cement manufacturers, compensating, Competition Commission of India (CCI), Contractors, criminal prosecution, Fine, net profit, profiteering, trustee, turnover
