DLF files fresh undertaking in Supreme Court, to submit fine in tranches
Undertaking to deposit balance Rs 480 crore of total Rs 630 crore fine imposed on it by the Competition Commission of India (CCI) in six monthly installments
Jan 08, 2015
Source : The Economic Times

 

NEW DELHI: Real estate major DLF today filed a fresh undertaking in the Supreme Court saying it be allowed to deposit balance Rs 480 crore of total Rs 630 crore fine imposed on it by the Competition Commission of India (CCI) in six monthly installments starting from January 15. 

A bench headed by Justice S J Mukhopadhaya allowed the contention of the firm and said that it would commence final hearing on DLF's plea against CCI's order from February 11. 

The bench also directed DLF to amend the flat buyers' agreements. 

"We will first hear the question of jurisdiction. Whether Competition Commission had the jurisdiction or a consumer forum," the bench, also comprising Justice N V Ramana, said. 

CCI had slapped a fine of Rs 630 crore on the real estate major for allegedly resorting to unfair business practices. 

DLF had earlier deposited Rs 150 crore of the Rs 630 crore fine with the apex court registry. The court had in its August 27 last year order said the Registry will be at liberty to invest it in any of the nationalised banks. 

DLF had moved the apex court expressing difficulty in meeting the November 26 last year deadline to deposit entire Rs 630 crore as a pre-condition to entertain its appeal.

It had sought six months' time to comply with the direction but the bench had asked it to deposit Rs 50 crore within three weeks and the rest Rs 580 crore in the next three months, that was before November 27. 

The real estate firm has sought more time for depositing rest of the amount claiming that it was in serious financial difficulty, which was aggravated by SEBI's decision to ban the company and six of its senior officials from accessing the capital markets for three years for an alleged non-disclosure in the 2007 IPO filing. 

The apex court had admitted DLF's appeal in which Haryana government, Haryana Urban Development Authority (HUDA) are parties along with the residents' association on whose plea CCI had imposed the penalty on the company. 

CCI had in 2011 found DLF violating fair trade norms and imposed a fine of Rs 630 crore on it following a complaint by Belaire Owners' Association in Gurgaon. It was in May 2010 that the buyer's association had complained against DLF.

Latest Realty News

BDA logs out of e-despatch
Jan 08, 2015
Bhubaneswar: The Bhubaneswar Development Authority (BDA) has stopped communicating through the e-despatch site of the state government following the discretionary quota allotment controversy
KKR, GIC partner for India realty lending platform
Jan 08, 2015
Mumbai: Global private equity firm Kohlberg Kravis Roberts and Co. LP (KKR) has established a NBFC in India along with GIC Pvt. Ltd, to provide structured credit solutions to the real estate sector in the country
Google Capital backs online real estate portal CommonFloor
Jan 08, 2015
BANGALORE: Online real estate portal CommonFloor has raised funding from Google Capital
Pune developers feel hike in ready reckoner will impact sales in 2015
Jan 08, 2015
Pune: Those planning to buy property in Pune this year will have to shell more as purchasing of property just got more expensive
DDA stumbles upon another 1500 acres of land, part of its 7000-acre vacant landholdings
Jan 08, 2015
NEW DELHI: Delhi Development Authority was sitting on undeveloped land more than what the survey revealed
After lacklustre 2013, big ticket land deals make a comeback
Jan 08, 2015
Mumbai: Call it an expectation of revival in the real estate market or improving liquidity, bulge bracket property deals have made a comeback in the country’s commercial capital
Master plan favours real estate players: Vishwanath
Jan 08, 2015
Mysuru: The former MP A.H. Vishwanath has urged the State government not to notify the Mysore Master Plan 2031, alleging that it was beneficial to real estate players
Hyderabad realty lags, but looks set for revival
Jan 08, 2015
HYDERABAD: The real estate sector in Hyderabad, which continues to lag with tepid sales volumes, is set to transition to a growth phase
Online realty portals bank on builders to boost revenues
Jan 08, 2015
BENGALURU: Online realty portals that are competing in a fastgrowing market are banking on developers spending more on online marketing and new property sale
Bombay HC seeks Pimpri Chinchwad Municipal Corporation affidavit about demolition drive
Jan 07, 2015
PUNE: The Bombay high court has directed the city engineer of Pimpri Chinchwad Municipal Corporation (PCMC) to submit an affidavit before February 2 giving details about the demolition of unauthorized constructions

Latest Realty News Of State

Realty Talk's