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videos | IST

Madras HC orders CCI to probe cartelisation charges against steel producers

The Madras High Court has asked the Competition Commission of India (CCI) to investigate allegations of cartelisation against steel makers. The petitioners have alleged that big steel producers like Tata Steel, JSW Steel, SAIL and others are engaging in cartelisation and creating artificial scarcity to inflate prices.

The Madras High Court has asked the Competition Commission of India (CCI) to investigate allegations of cartelisation against steel makers.
The petitioners have alleged that big steel producers like Tata Steel, JSW Steel, SAIL and others are engaging in cartelisation and creating artificial scarcity to inflate prices.
Ashmit Kumar reports that the plea argues that there has been an increase of 55 percent in prices over the past 6 months with no noticeable increase in cost of power or cost of labour. The court has given CCI 120 days to look into these charges.
The steel producers will have the option of appealing against the order before a division bench of the court.
Watch video for more.