Three major cement firms under SFIO’s radar

The SFIO ( Serious Fraud Investigation Office) is_understood to have asserted 3 leading cement companies had created a cartel to raise rates and has now recommended a deep steps against their_managements.

Serious Fraud Investigation Office, the inquiry wing of the MCA (Ministry of_Corporate Affairs), was requested to explore rate manipulation by 3 cement companies – ACC, Ambuja cement as well as Ultratech -among 2008 and 2010.

Based on sources, the Serious Fraud Investigation Office has posted its report suggesting move against the management_of these cement firms.

Ambuja cement and ACC rejected to comment on the event saying they’re yet to get any correspondence from Ministry of_Corporate Affairs.

Even though a high official of Ultratech mentioned, ‘We haven’t obtained any communication from Serious Fraud Investigation Office. But, we’ve never_indulged in any_form of cartelisation.’

Be Sociable, Share!
Tags: , , , ,

Stock Market Basics For Beginners

Share Market investment objective

Share Market investment objective your Investment objective? they invariably answer earn money with no risk. Even though all investments have an element of threat, including the possible loss of principal, ...…

Bad Delivery

Bad Delivery Designation implying that a security doesn't fulfill all of the needs or have all the required endorsements to permit the certificate to be transferred to ...…

Term Debt Instrument

Term Debt Instrument Debt instrument shows an agreement by which one party gives cash to another on pre-determined conditions with regards to rate as well as periodicity of ...…

Economic Times

Economic Times Economic Times is India biggest daily business newspaper. Economic Times furthermore stood 2nd place in entire world following the Wall Street Journal. Economic Times was ...…

Dematerialization Definition

Dematerialization Definition Dematerialization (Meaning) is the procedure through which physical certificates of the trader are usually transformed into an equal quantity of securities in electronic form as ...…

Indian Share Tips

NSE Investment Site

Market Update

Share Guide

Designed by VMV