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

Ultratech Cement Ltd. announced the resignation of its Chief Legal Officer, Anoop Khatry, effective from the close of business on July 3, 2025, as per an exchange filing on Friday.

The CFO resigned due to personal reasons, stated the filing.

Ultratech was also in the spotlight on Friday as the Competition Commission of India directed the firm and their executives to submit financial documents, after its Director General in its investigations found contravention of competition norms.

It has directed UltraTech to submit the financial statements of its subsidiary India Cements for five years from fiscal 2015 to 2019. Besides, the CCI has also directed their executives to submit detailed financials and income tax records for five years, along with formal responses to the investigation report.

The CCI direction came over a complaint filed by ONGC alleging cartelisation in its tenders. Following this, the fair trade regulator had on November 18, 2020, directed its probe unit Director General to look into the issue.

The DG had submitted its investigations report on February 18, 2025, in which found contraventions of the competition regulations.

It had found that Ultratech's subsidiary India Cements, along with Shree Digvijay Cement and Dalmia Cement, with a middleman named Umakant Agarwal, engaged in anti-competitive collusion.

Shares of the cement maker ended 0.86% higher at Rs 12,506 apiece on Friday, as compared to a 0.22% rise in the benchmark NSE Nifty 50.