EU regulators scrapped on Monday millions of euros in antitrust fines levied against German chemicals company BASF's Swiss unit Ciba and British peer Elementis two years, citing a court ruling.

"A judgment of the Court of Justice of 29 March in an unrelated case clarified the legal rules as to limitation periods for the imposition of fines by the Commission," the EU executive said in a statement.

"As a result of that clarification, it was clear that the Commission decision of 2009 was incorrect in that the limitation period on these two companies had expired."

The regulator said it repealed Ciba's €68.42 million fine and Elementis' €32.58-million penalty. The fines were imposed on the companies, among a group of 24 firms in the chemicals industry, in November 2009 for fixing prices.