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Ultratech Chief Legal Officer Resigns Amid CCI's Cement Cartel Probe

  • Ultratech's Chief Legal Officer, Anoop Khatry, resigned citing personal reasons, as announced in an exchange filing on Friday.
  • The Competition Commission of India directed Ultratech to submit financial documents following allegations of contraventions of competition norms, related to cartelization in ONGC tenders.
  • The Director General's investigation found Ultratech's subsidiary India Cements, along with other companies, engaged in anti-competitive collusion, leading to the CCI's directive for financial disclosures.
  • Ultratech's shares closed 0.86% higher on Friday amidst these developments, ending at Rs 12,506 apiece, compared to a 0.22% rise in the benchmark NSE Nifty 50.

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