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| Exchange Received Time 12/10/2018 19:24:53 Exchange Disseminated Time 12/10/2018 19:24:56 Time Taken 00:00:03 | We had vide our letter dated 25.7.2018 informed that the Company was proposing to go in for appeal with Supreme Court against the order of National Company Law Appellate Tribunal (NCLAT), upholding the order of Competition Commission of India (CCI) imposing penalty on leading cement companies for alleged cartelisation, of which the penalty for The Ramco Cements Limited was Rs.258.63 crores.
Accordingly, the appeal was filed and the Supreme Court on 5.10.2018 admitted our appeal along with the appeals of the other affected cement companies and ordered the continuation of interim orders that had been passed by NCLAT in these cases.
Accordingly, the Company would be depositing 10% of the above amount (i.e) Rs.25.86 crores with NCLAT.
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