DLF vs CCI: Realty major hopes for a breather from SC
The apex court in August had directed DLF to deposit a penalty of Rs 630 crore within 90 days, of which it has paid Rs 50 cr
Nov 27, 2014
Source : Moneycontrol.com

 

Mumbai: Hoping for a breather, realty major DLF has sought an extension from Supreme Court over the Rs 630 crore penalty levied by the competition watchdog CCI. The case will come up for hearing on Thursday.

DLF was supposed to pay the entire penalty amount by tomorrow. The Supreme Court will be hearing its plea seeking exemption from paying the CCI penalty. The apex court in August had directed DLF to deposit a penalty of Rs 630 crore within 90 days. Of the Rs 630 crore, DLF has paid Rs 50 crore. It is seeking an exemption from paying the remaining Rs 580 crore. It has instead offered land worth Rs 580 crore as security.

On November 14, DLF had moved a petition and cited a number of concerns on the back of the Sebi order. DLF says the Sebi order caused incalculable hardships and affected financial affairs. The real estate major says it is unable to raise Rs 5000 crore through NCDs. The Sebi order created uncertainty among financiers and lenders, it added.

 

Hoping for a breather, realty major DLF has sought an extension from Supreme Court over the Rs 630 crore penalty levied by the competition watchdog CCI. The case will come up for hearing on Thursday. DLF was supposed to pay the entire penalty amount by tomorrow. The Supreme Court will be hearing its plea seeking exemption from paying the CCI penalty. The apex court in August had directed DLF to deposit a penalty of Rs 630 crore within 90 days. Of the Rs 630 crore, DLF has paid Rs 50 crore. It is seeking an exemption from paying the remaining Rs 580 crore. It has instead offered land worth Rs 580 crore as security. On November 14, DLF had moved a petition and cited a number of concerns on the back of the Sebi order. DLF says the Sebi order caused incalculable hardships and affected financial affairs. The real estate major says it is unable to raise Rs 5000 crore through NCDs. The Sebi order created uncertainty among financiers and lenders, it added.

Read more at: http://www.moneycontrol.com/news/cnbc-tv18-comments/dlf-vs-cci-realty-major-hopes-forbreathersc_1238710.html?utm_source=ref_article

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