Ultratech's Chief Legal Officer Steps Down During Cement Monopoly Investigation
The Competition Commission of India (CCI) has taken significant steps in investigating allegations of cartelisation in the cement industry, following a complaint by the Oil and Natural Gas Corporation (ONGC). As of July 4, 2025, the CCI has not yet made a final decision declaring any of the companies involved guilty.
According to the CCI's investigation report, submitted in February 2021, contraventions of competition regulations have been found in the activities of Ultratech Cement Limited, India Cements, Dalmia Bharat Cements, and Shree Digvijay Cements, as well as a middleman named Umakant Agarwal.
The CCI has directed these companies, along with their executives, to submit detailed financial records, including audited statements and income tax returns, for specified years. UltraTech and India Cements are required to submit financials from FY2015 to FY2019, while Dalmia Bharat Cements and Shree Digvijay Cements must provide records from FY2011 to FY2019.
The CCI's Director General's probe unit was asked to investigate the issue in 2020. The evidence presented in the investigation report cites instances of anti-competitive collusion involving these companies and the middleman. However, a final adjudication and potential penalties have not yet been officially determined or announced.
In a related development, Ultratech Cement Limited's Chief Legal Officer, Anoop Khatry, has resigned effective Thursday. Mr. Khatry's resignation was announced in an exchange filing on Friday. The reasons for his resignation are reported to be personal.
The ongoing investigation into the cement industry is part of a broader CCI order, which continues to unfold. The CCI's actions follow the serious allegations of cartelisation levelled by ONGC, which could potentially have significant implications for the cement industry in India.
- The ongoing investigation by the Competition Commission of India (CCI) into alleged cartelization within the cement industry has involved Ultratech Cement Limited, India Cements, Dalmia Bharat Cements, Shree Digvijay Cements, and middleman Umakant Agarwal.
- Businesses in various sectors, including finance and general news outlets, are keeping a keen eye on the CCI's continuing investigation, as it could potentially impact the entire industry due to the serious allegations of collusion.
- As part of the investigation, UltraTech Cement Limited's Chief Legal Officer, Anoop Khatry, recently tendered his resignation, citing personal reasons, which has stirred speculation and raised questions about potential repercussions within the sector, given the ongoing CCI probe.
