Cement companies under lens for suspected cartel move

Confirming that there were 10 names in the list presented to the Ministry of Corporate Affairs for cartelisation, a senior MCA official told Business Line, “We were told to look into the top three only; I don't know why the others were let off. But this does not give the others a clean chit. We may or may not look into them.”

Earlier, the MCA had ordered the Serious Fraud Investigation Office to probe only the top three — ACC, Gujarat Ambuja and Ultratech Cements. SFIO, in its report submitted to the Ministry, reportedly recommended action against the three manufacturers for price manipulation.

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