Companies & Sectors
DLF business conduct again found 'unfair, abusive'
Realty major DLF has been found to have indulged in "unfair and unjust" business practice again by the country's anti-trust body that, nevertheless, said it was not imposing any fine due to a Rs.630 crore penalty that had already been slapped on the company in a similar case.
 
In a 49-page order delivered on Wednesday but made available a day later, the Competition Commission of India directed DLF and its group companies to "cease and desist from indulging in the conduct which is found to be unfair and abusive" in terms of the provisions of prevailing anti-trust laws.
 
It also said that since a penalty of Rs.630 crore had already been imposed on DLF in what is referred to as the Belair's case -- as also for the same period for which the contraventions in the present cases were made -- no financial penalty was required.
 
"In view of the totality and peculiarity of the facts and circumstances, the commission does not deem it necessary to impose any penalty on the Opposite Party in these cases," said the order of the Competition Commission, chaired by Ashok Chawla.
 
Earlier, the Competition Appellate Tribunal (COMPAT) had dismissed DLF's appeal against the Rs.630 crore penalty levied by the Competition Commission, finding merit in what the resident welfare association had said -- that company had abused its dominant position in the Gurgaon market.
 
As per the case filed, the two original appellants had booked an apartment each in "DLF New Town Heights" in 2008 since they had found the rates, as mentioned in the scheme's pre-launch, attractive. They were allotted one apartment each.
 
Subsequently they received reminders for payments. But they alleged it was clear that the construction work had not started and DLF was only collecting huge amounts from the allotees and buyers who had booked the apartments with them.
 
The appellants also sought cancellation of the allotments and a refund. But they were told that the only option before them was to sell the apartments. Subsequently, two years after the booking, they were told by the builder that the foundation work had been completed and that they should pay up.
 
In view of what they thought were unfair and onerous terms, the appellants sought an inquiry.
 
A third complainant had also approached the anti-trust commission alleging that DLF abused its dominant position with practices like allotment of back-to-back parking on compulsory payment of Rs.150,000, non-transparent calculation of advance payment rebate and payments toward external development charges.

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Nifty, Bank Nifty trying to push higher – Thursday closing report
Nifty has to stay above 8,100 and Bank Nifty above 17,800
 
We had mentioned in Wednesday’s closing report NSE’s Nifty may try to recover as long as its stays above 8,100. The 50-stock index opened Thursday sharply lower and traded in the red for the entire session but there was continued effort to recover during the day, to rise higher. It even edged into the green for a few minutes near the end of the day.
 
The S&P BSE Sensex opened at 27,290 and moved from the low of 26,949 to the high of 27,294 and closed at 27,206 (down 45 points or 0.17%) while Nifty opened at 8,232 and reached 8,236 after hitting a low of 8,137. Nifty closed at 8,224 (down 11 points or 0.14%). Bank Nifty too traded in the red for the most of the session but managed to close marginally in the green. It opened at 18,071 and moved from the low of 17,806 to the high of 18,157 and closed at 18,116 (up 19 points or 0.10%). NSE recorded a volume of 73.85 crore shares. India VIX rose 0.07% to close at 20.7000.
 
The WPI inflation stood at negative 2.65% in April 2015, data released by the government on Thursday showed. WPI inflation was minus 2.33% in March 2015. Meanwhile, WPI inflation for February 2015 was revised downwards to negative 2.17% from negative 2.06% reported earlier.
 
Rating agency Moody's Investors Service said that of the non-financial and infrastructure corporates that it rates in India, the vast majority carry either positive or stable outlooks.
 
India's gold demand increased by 22% to 150.8 tonnes in the March quarter. This was accompanied by a 6% fall in investment-related gold demand, which was at 40.9 tonnes, according to data released by the World Gold Council in its demand trend report for the quarter ended 31 March 2015.
 
India's banking system may not yet have seen the peak in bad loans, the Reserve Bank of India (RBI) Governor Raghuram Rajan said on Thursday though this had little impact on bank stocks.
 
The Supreme Court Thursday dismissed a batch of petitions filed by various telecom companies, including Vodafone and Bharti Airtel, seeking extension of their spectrum licences. Telecom companies have argued that the terms and conditions of their 20-year licences state that they were extendable by another 10 years, the government has argued that the norms say it "may" extend the licence, and hence the matter was at its discretion.
 
Indian economy is likely to clock 8.1% growth in the current financial year, spurred by strong consumer spending amid low inflation, infrastructure projects and government's reform measures, says a UN report.
 
National Buildings Construction Corp (NBCC) is betting on the redevelopment of millions of square feet of vacant government property as it plans to grow its $3.4 billion order book by 25% a year to 2020. The stock was almost unchanged. 
 
India has been ranked at a lowly 100 position on the global Human Capital Index, which measures countries on development and deployment of human capital. India is ranked lower than all its BRICS peers -- Russia, China, Brazil and South Africa -- and smaller neighbours like Sri Lanka, Bhutan and Bangladesh.
 
Coming back to Indian stock market, Oriental Bank of Commerce (9.89%) was the top gainer in ‘A’ group on the BSE. It hit its 52-week low last week. It reported growth in its top line but it reported net loss for the March 2015 quarter.
 
Lupin (3.42%) was the top loser in ‘A’ group on the BSE. It has acquired 100%equity stake in Brazil’s Medquimica Industria Farmaceutica subject to certain closing conditions. It is expected to have muted June quarter.
 
Hindalco (2.92%) was the top gainer in the Sensex 30 pack while Vedanta (1.65%) was the top loser.
 
US indices closed Wednesday flat after opening high. US retail sales were unchanged in April as households cut back on purchases of cars and other big-ticket items and import prices fell for a 10th straight month in April and business inventories barely rose in March.
 
Asian indices showed mixed performance. Seoul Composite (0.29%) was the top gainer while Taiwan Weighted (1.16%) was the top loser.
 
European indices were trading in the green. US Futures were trading sharply higher. 
 
Greek Finance Minister Yanis Varoufakis reportedly said that the country's debt repayments to the European Central Bank should be pushed back to the distant future.
 

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Public Interest Exclusive
The mystery of Rs100 crore donation by Army to PM Relief Fund
PM Modi was seen as receiving Rs100 crore from Army as donation towards PM's Relief Fund. However, a reply received from Army HQ under RTI says no such money was donated 
 
15 January 2015: Prime Minister Narendra Modi (was seen in a photo published by Press Information Bureau -PIB) received a cheque of Rs100 crore from Defence Minister Manohar Parrikar and Army Chief General Dalbir Singh towards Prime Minister's Relief Fund on the 67th Army Day. Interestingly, the photograph when enlarged by us shows that it was a mock cheque handed over by the Army Chief. It has no amount mentioned. Instead, it says, “One day’s pay of all ranks of Indian Army”.
 
So what happened to the donation? Was the money donated? Was it collected from Army officers and soldiers and handed over to the PM Relief Fund?
 
20 March 2015: A reply received Right to Information (RTI) Act says the Army has yet to donate Rs100 crore toward the PM Relief Fund!
 
According to a PIB release on 15 January 2015, the Indian Army donated Rs100 crore and the amount was raised by officers and soldiers donating a day's salary each. The cheque of Rs100 crore was handed over to PM Modi by General Dalbir Singh at the traditional 'At Home' at Army House on the 67th Army Day.
 
Dehradun-based Prabhu Dandriyal filed an RTI seeking details about the Rs100 crore donation given by the Army to PM Relief Fund. On 20 March 2015, he received a reply from the RTI Cell of the Army. 
 
The reply sent by Lt Col Rajiv Guleria for Central Public Information Officer (CPIO) of Indian Army says, "It has been intimated by concerned agency that no amount on account of contributions from salary of any Army personnel has yet been donated to the Prime Minister Relief Fund. The matter is under consideration."
 
Therefore, the question remains as to whether the PM Relief Fund received Rs100 crore donation by Army or no. There could be three possible scenarios. One, the donation was given, but someone may have forgotten to collect/deposit the actual cheque. Second, the PIO from Army not have received correct information and hence gave incorrect information. Three, the PIO may have given wrong or misleading information.
 
According to Shailesh Gandhi, former Central Information Commissioner and RTI activist, it is impossible for the PIO to provide misleading or wrong information. "However, the PIO may not have realised the impact of this information," he said.

 

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COMMENTS

CHANDU CHARTIST

2 years ago

cheque become ex date now
show business me sub kuchh chalta hey

Janakiraman Rajalakshmi

2 years ago

Recall kollywood actor kamalhassan & his useless movie 'viswarupam'? For the first time his ultra swagger & ultra arrogance got punctured deservedly. And ample credit to Honourable Chief Minister of Tamil Nadu Jayalalithaa for taking the right stand.

The media gave the same weary explanation maligning Muslims & Islam. Congress party , dmk , art of living "avatard" ssssravishankar included all rallied behind this kollywood lecherous selective atheist cum hedonist kamalhassan. They had their own agendas.

kamalhassan was almost ruined financially. But with the help of siddarth basu , he & his mistress gowthami ( who chucked her husband after giving birth to a daughter in America preferring to "live in" with Sarika's husband kamalhassan...now his daughters & her daughter have all got into the same bollykolly movie industry) orchestrated one such programme on tv whereby both managed to answer all the questions right thus getting a cheque for some CRORES being handed over to them by siddarth basu. Both claimed it would go to "cancer victims". It was going straight into kamalhassan & gowthami's account.Technically she is also a "cancer victim".

No wonder he is back into the same movie making business. Did some "sweeping" with a designer broom to impress Modi. As hemamalini did.

REPLY

PPM

In Reply to Janakiraman Rajalakshmi 2 years ago

Why are you talking unrelated things here?

Janakiraman Rajalakshmi

2 years ago

This article brings to my mind why & how I got drawn to Sucheta Dalal and her opinions several years ago.

Being a woman , a housewife plus nothing but a clerk in a bank never having scored hundred upon hundred in Mathematics , not being "professionally qualified" I was written off by my autocratic brother J.Mohan a chartered accountant married to another chartered accountant called vasudharini now living in Canada London Ontario +15198579333. My (faux) husband S.N.Ramachandran had no problems whatsoever in allying with J.Mohan as he was procured a job in Kuwait in the same AlGhanim Group of Company (Kutaiba & Basam AlGhanim Group) by suppressing the fact both were relatives. The company is strictly against nepotism. However almost all Indians adhered to nothing save nepotism. Keeping the Kuwaiti Owners in the dark. Almost ruined the company & many fled to Canada , America , Australia, India after making their kill.

Newspapers were also denied to me citing my gender & the same reasons cited above. In Calcutta & Kuwait.

Only once I picked up Times Of India ( or Economic Times cannot remember) & started reading some article by Sucheta Dalal. It had no jargon.
But enormous amounts of COMMON SENSE.

My nature being what it is , I started praising Sucheta Dalal & this perturbed J.Mohan tremendously. So much so he never missed an opportunity to badmouth Sucheta Dalal. He thought he being a chartered accountant cum cfo of some company automatically conferred on him the authority to assess others writing on corporate matters , finance , economics etc.

When a computer was purchased & it took some years for me to gain access to it. Only once I sent an email to her. I was so surprised to receive a prompt reply from Sucheta Dalal. I did not have a private email. So deleted it at once.

I am very gratified to see COMMON SENSE which is not at all common is very much there present till date in the same Sucheta Dalal.

Anil Agashe

2 years ago

This is very strange. BJP ministers are gloating saying have you seen any scam in last one year. They should realise scams take time. They have enough potential scamsters in their rank. Gadkari is a big scam. So they better be careful. They have done a smart U turn on many things that they said a year before the 2014 elections! India cannot afford scams by her ruling class.

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