DLF Vs CCI: Realty major offers to pay Rs 100cr penalty
The company was seeking an exemption from the Competition Commission of India (CCI) penalty of the Rs 630 crore
Nov 27, 2014
Source : Moneycontrol.com

 

Mumbai: Realty major DLF has offered to pay Rs 100 crore of the Rs 630 crore crore penalty today and the Supreme Court has agreed to it.

The company was seeking an exemption from the Competition Commission of India (CCI) penalty of the Rs 630 crore due to financial hardships caused on the back of market regulator SEBI order, which barred the company from accessing capital market.

DLF has so far paid Rs 50 crore as penalty. The court had fixed November 26 deadline for DLF to deposit Rs 630 crore as a pre-condition to consider its appeal against the Compat's decision of levying penalty. In its May 19 order, the Compat had upheld three CCI orders, which had imposed the penalty equivalent to 7 percent of DLF's turnover for abusing its dominant position. The apex court will continue to hear the company’s plea on Friday as well.

At 11:27 hrs DLF was quoting at Rs 149.25, down Rs 2.70, or 1.78 percent.

 

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