SHREYANIND

By Aditya Kalra

NEW DELHI, Nov 12 (Reuters) - India's antitrust watchdog has conducted nationwide raids at six paper mills in an investigation of alleged price collusion in supplying paper to a government school education body, two people with direct knowledge said on Wednesday.

India's paper industry accounts for about 5% of the world’s production, and has an estimated annual turnover of $11 billion, according to the Indian Paper Manufacturers Association.

The Competition Commission of India (CCI) has been conducting surprise raids starting Tuesday in the states of Maharashtra in the west and Punjab, Uttar Pradesh and New Delhi in the north, said the sources, who declined to be named as the matter is confidential.

The sources said the offices of Satia Industries SATD.NS, Silverton Pulp and Chadha Papers CHAD.BO were among those raided. One of the sources said Shreyans Industries' SHRY.NS office was also being searched.

The sources did not name any of the other companies.

Satia Industries chief financial officer Rachit Nagpal confirmed the CCI raids to Reuters during a telephone call, adding the company had cooperated with investigators.

An official at Silverton Pulp declined to comment. Chadha Papers and Shreyans Industries did not immediately respond to Reuters queries.

The CCI does not make public any details of its cases of alleged cartelisation or raids, and keeps the entire process confidential. The watchdog did not respond to Reuters queries.

The case of alleged collusion was triggered last year following a complaint by the government's National Council of Educational Research and Training, which procures paper from mills to make textbooks and other teaching material for schools.

The Council did not respond to a request for comment.

The raids come after another high-profile case triggered a similar operation in March and targeted global advertising agencies like GroupM, Interpublic IPG.N, Publicis PUBP.PA and Dentsu 4324.T for alleged collusion over prices. The investigation is ongoing, and will take several months.

The case was started after Dentsu itself reported the alleged collusion to the CCI, and later told Reuters it had implemented stricter audits and controls. The other companies have not commented on the allegations.

Officers typically seize documents and mobile phone data and interrogate officials during such raids.

(Reporting by Aditya Kalra)

((Email: [email protected]; X: @adityakalra;))

Aug 5 (Reuters) - Shreyans Industries Ltd SHRY.NS:

• JUNE-QUARTER PROFIT 139.7 MILLION RUPEES

• JUNE-QUARTER REVENUE FROM OPERATIONS 1.36 BILLION RUPEES

Further company coverage: SHRY.NS

(([email protected];))

May 21 (Reuters) - Shreyans Industries Ltd SHRY.NS:

• COMPANY'S PLANT AT AHMEDGARH WILL BE UNDER PLANNED SHUT DOWN

• PLANNED SHUT DOWN FROM 24 MAY TO 2 JUNE

Source text for Eikon: ID:nBSE8nb78Z

Further company coverage: SHRY.NS

(([email protected];))

Feb 12 (Reuters) - Shreyans Industries Ltd SHRY.NS:

• SHREYANS INDUSTRIES DEC-QUARTER PROFIT 208.5 MILLION RUPEES VERSUS PROFIT 201.6 MILLION RUPEES

• SHREYANS INDUSTRIES DEC-QUARTER REVENUE FROM OPERATIONS 1.73 BILLION RUPEES VERSUS 2.29 BILLION RUPEES

Source text for Eikon: ID:nBSE64dJrs

Further company coverage: SHRY.NS

(([email protected];;))

Aug 10 (Reuters) - Shreyans Industries Ltd SHRY.NS:

• JUNE-QUARTER PROFIT 319.7 MILLION RUPEES VERSUS 83.9 MILLION RUPEES

• JUNE-QUARTER REVENUE FROM OPERATIONS 1.88 BILLION RUPEES VERSUS 1.96 BILLION RUPEES

Source text for Eikon: ID:nBSE4PVH9q

Further company coverage: SHRY.NS

(([email protected];))

May 12 (Reuters) - Shreyans Industries Ltd SHRY.NS:

• INDIA'S SHREYANS INDUSTRIES LTD MARCH-QUARTER PROFIT 241.2 MILLION RUPEES VERSUS LOSS 8.8 MILLION RUPEES

• SHREYANS INDUSTRIES LTD MARCH-QUARTER REVENUE FROM OPERATIONS 2.28 BILLION RUPEES VERSUS 1.78 BILLION RUPEES

• SHREYANS INDUSTRIES LTD - DIVIDEND 2.5 RUPEES PER SHARE

• SHREYANS INDUSTRIES LTD - SPECIAL DIVIDEND 2.5 RUPEES PER SHARE

Source text for Eikon: ID:nBSE6zbSg1

Further company coverage: SHRY.NS

(([email protected];))