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.’

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