India’s Competition watchdog, the Competition Commission of India (CCI) has directed UltraTech Cement — which now controls India Cements — along with Dalmia Bharat and Shree Digvijay Cement, to furnish detailed financial records and income tax data following a Director General (DG) report that flagged violations of competition norms in a tendering process by ONGC.In its order dated May 26, the fair trade regulator asked UltraTech to submit India Cements’ audited financial statements — including balance sheets and profit and loss accounts — for the financial years 2014-15 to 2018-19. Dalmia Bharat and Shree Digvijay Cement have been asked to submit similar records spanning nine financial years from 2010-11 to 2018-19, PTI reported.The CCI also instructed designated executives of all three cement companies to provide personal financial details and income tax returns for five years, in addition to formal responses to the DG’s report.The move follows a complaint filed by state-run ONGC alleging cartelisation in its procurement tenders. On November 18, 2020, CCI had ordered the DG to investigate. The probe report, submitted on February 18, 2025, found evidence suggesting that India Cements, Shree Digvijay, and Dalmia Bharat, in alleged coordination with a middleman named Umakant Agarwal, were engaged in anti-competitive conduct.Taking note of the findings, the CCI’s order said companies must also report the revenues earned from sales related to the alleged cartelised activities. The regulator cautioned that failure to provide the required information — or providing incomplete or false details — could attract penalties under Section 45 of the Competition Act.In December 2024, UltraTech Cement became the promoter of India Cements after acquiring a 32.72% stake from its promoters and promoter group entities. This followed an earlier market purchase of a 22.77% stake, making the Aditya Birla Group-owned UltraTech the controlling shareholder of the Tamil Nadu-based company.