Follow us on
Welcome Guest! You are here: Home » National
SC asks DLF to deposit remaining Rs.480 crore penalty
Friday November 28, 2014 8:37 PM, IANS

The Supreme Court Friday asked DLF to deposit the balance Rs.480 crore of a total Rs.630 crore penalty imposed on the realty major by fair trade regulator CCI for allegedly exploiting its dominant position.

A bench of Chief Justice H.L. Dattu, Justice A.K.Sikri and Justice N.V.Ramana said DLF could pay the amount in instalments of Rs.75 crore each from Jan 15 till the penalty is cleared.

DLF was imposed the penalty of Rs.630 crore by the Competition Commission of India (CCI) for allegedly exploiting its dominant position to the disadvantage of its customers in three projects in Gurgaon.

The apex court was hearing a petition by the real estate major challenging the imposition of penalty by the CCI Aug 12, 2011. The CCI decision was upheld by the Competition Appellate Tribunal in 2013.

DLF had Thursday deposited with the apex court registry Rs.100 crore toward paying the penalty imposed by the CCI.

The real estate giant had deposited Rs.50 crore in pursuance to the apex court order of Aug 27. This together with the subsequent Rs.100 crore brought the amount deposited so far to Rs.150 crore.

A counsel appearing for the flat owners told the court that DLF had collected Rs.250 crore from them for the registration of their properties but nothing has been done so far.

Assailing the CCI order of Aug 12, 2011, DLF has argued that the CCI could not have imposed penalty based on the three year average of the entire turnover of DLF's real estate operations in the country.

It has contended that the penalty should have been restricted to Rs.1,100 crore - the sale price of three housing complexes.

The CCI on the other hand has taken a stand that DLF used its dominant position to the disadvantage of the flat allottees. "It is an exploitation of disadvantaged customers who were trapped," CCI had told the court earlier.




Share this page
 Comments
Note: By posting your comments here you agree to the terms and conditions of www.ummid.com
comments powered by Disqus
Advertisement
| Quick links
About ummid.com
Contact us
Feedback
Subscribe to: RSS » Facebook » Twitter » Newsletter
Ummid.com: Disclaimer | Terms of Use | Advertise with us | Link Exchange
Ummid.com is part of the Awaz Multimedia & Publications providing World News, News Analysis and Feature Articles on Education, Health. Politics, Technology, Sports, Entertainment, Industry etc. The articles or the views displayed on this website are for public information and in no way describe the editorial views. The users are entitled to use this site subject to the terms and conditions mentioned.
© 2012 Awaz Multimedia & Publications. All rights reserved.