The penalty, which amounts to 7% of the company's average annual turnover of last three years, was imposed as DLF has been proven guilty of violating section 4(2) of the Competition Act, 2002
New Delhi: The Competition Commission of India (CCI) today imposed a penalty of around Rs600 crore on realty major DLF Ltd for abusing its dominant market position, reports PTI.
The penalty, which amounts to 7% of the company's average annual turnover of last three years, was imposed as DLF has been proven guilty of violating section 4(2) of the Competition Act, 2002, sources told PTI.
A company violates Section 4(2)(a) of the Competition Act when it directly or indirectly imposes unfair or discriminatory conditions or prices with respect to the purchase or sale of goods or services.
In May last year, on the basis of complaints by some people who booked flats in DLF projects, the CCI had referred the matter for a probe by the director general (investigations).
According to one such complaint, DLF had promised to complete its residential project in Gurgaon, called Belaire, in 2009, but buyers are yet to get possession.
In addition, DLF has increased the number of floors in the apartment complex from the original figure given to buyers. This led to the number of apartments in Belaire increasing to 564 from 384.
With inflation still remaining over 9% Planning Commission deputy chairman Montek Singh Ahluwalia said, "There is slight decline in inflation. It is still on high side. We have to be vigilant. Its good that it is gradually declining"
New Delhi: Encouraged by the marginal decline in rate of price rise to 9.22% in July, finance minister Pranab Mukherjee today said inflation pressure would ease further on back of good monsoon, reports PTI.
"I am quite confident that good monsoon will ensure moderation of inflationary pressure," he told reporters pointing out that the government and the Reserve Bank of India (RBI) are working in tandem to contain prices.
"Inflationary pressure is in the system and we shall have to make effort to have the inflationary pressure at an acceptable moderate level for which we are working in tandem with the Reserve Bank," Mr Mukherjee told reporters here.
His comments came after release of data which reported headline inflation for July at 9.22%, down from 9.44% in June.
"The measures taken to remove supply constraints in some of the agricultural products and the monetary policy adopted by the RBI will help bring about moderation of inflationary pressure and at the same time it will ensure the average ratio of liquidity of the legitimate credit requirement of the industry and other sectors...," Mr Mukherjee said.
He pointed to the decline in inflation of both food and non-food primary articles in July and termed it as 'good news'.
Commenting on the July numbers, Planning Commission deputy chairman Montek Singh Ahluwalia said inflation still continues to remain high.
"There is slight decline in inflation. It is still on high side. We have to be vigilant. Its good that it is gradually declining," Mr Ahluwalia said.
The document will be placed before the Union Cabinet for consideration before being taken up for discussion and final approval by the country's highest policy-making body, the National Development Council
New Delhi: The Planning Commission is likely to table the Approach Paper to the 12th Plan before the prime minister on Saturday, seeking to raise India's economic growth rate to 9%-9.5% during the five-year period beginning April 2012, reports PTI.
"The Approach Paper to the 12th Plan (2012-17) is likely to be placed before the Prime Minister on 20th August at his residence," a source privy to the development said.
As the full Planning Commission headed by prime minister Manmohan Singh had in its meeting in April this year entrusted the panel with the task of finalising the document, the source said, it would be submitted directly to the prime minister's office.
The Approach Paper provides a broad framework of the government policy to be pursued in the five-year period to achieve the desired growth rate.
The document will be placed before the Union Cabinet for consideration before being taken up for discussion and final approval by the country's highest policy-making body, the National Development Council (NDC).
The NDC, which is headed by the prime minister, comprises Union ministers and state chief ministers.
The Plan panel has already completed regional discussions with state chief ministers earlier this month.
The last such consultation was held in the first week of July with north-eastern states, including Assam, Nagaland, Arunachal Pradesh and Manipur. The commission earlier held discussions with the chief ministers of states falling in the North, East, South and West regions.
In the full panel meet on 21st April, Mr Singh had said, "The 12th Plan objective must be faster, more inclusive and also sustainable growth... We need to identify the critical areas where existing policies and programmes are not delivering results, and should, therefore, be strengthened or even restructured."
During the full Planning Commission meeting, the panel had presented its take on various issues to be looked at carefully while preparing the 12th Plan.
The commission had suggested fixing an economic growth target of 9%-9.5% for the next Plan.
Aiming at 100% adult literacy, the panel had also proposed to increase expenditure on health from 1.3% to at least 2%-2.5% of the GDP.