Competition Commission fines Jaiprakash Associates for abuse of dominant position
The Competition Commission of India (CCI) has found Jaiprakash Associates Ltd (JAL) to be in contravention of the provisions of Section 4 of the Competition Act, 2002, for abuse of dominant position in the market.
 
The abuse has been identified with independent residential units such as villas and estate homes in their integrated township, by imposing unfair and discriminatory conditions on the allottees in the Wish Town and Jaypee Greens project in Noida and Greater Noida, respectively. Subsequently, a fine of Rs 13.82 crore has been imposed on the company.
 
The CCI final order was passed on an information filed by a buyer who alleged that conditions imposed by JAL were arbitrary and heavily tilted in favour of it.
 
Based on the investigation, the Commission found that the standard terms and conditions imposed by JAL were one-sided and couched in a manner so as to unilaterally favour itself and be unfavourable to the consumers.
 
Moreover, terms were vague and did not confer any substantive rights on the buyers. The conduct of JAL, such as collecting money and charges from the buyers without delivering the residential or dwelling unit on time, adding additional construction and amending or altering layout plans, imposition of various charges, right to raise finance from any bank or financial institution/body corporate without consulting buyers, was held to be abusive.
 
The Commission has concluded such conduct of JAL to be in violation of Section 4(2)(a)(i) of the Act. Resultantly, the Commission imposed a penalty of Rs 13.82 crore on the company. Besides, a cease and desist order has also been issued to JAL.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    Public Apology to Indiabulls Housing Finance over False Suit, Complaints
    Managium Juris LLP and the office of Kislay Panday have issued a public apology to Indiabulls Housing Finance Ltd for filing a petition and various complaints against the housing finance company with false and sensational allegations regarding the company's merger with Lakshmi Vilas Bank.
     
    In an advertisement published today in Times of India, Kislay Panday, partner of Managium Juris says, "Abhay Yadav withdrew the petition filed before the Supreme Court, which remained unlisted due to defective filing to cause trouble for Indiabulls. Further, all similar false and factually incorrect complaints have now been withdrawn that were drafted through my office and were sent through my office under the names of individuals such as DR Niwas, Kunal Shekhar, Jitendra Upadhyay, R Narayan, Manoj Singh, Mohan Raj Saxena, Shaukat Ali, Shailendra Tiwari and Velayudam from across the country to flood various authorities and government functionaries with complaints against Indiabulls for the sole purpose of sensationalising allegations against Indiabulls and causing harassment to the company." 
     
    Mr Yadav, in his petition, which is now withdrawn, had alleged that Indiabulls Housing Finance has misappropriated Rs98,000 crore of public money. 
     
    In June 2019, Indiabulls Housing said that investigations by the Gurgaon police had unearthed an organised racked run by two lawyers, Kislay Panday and his father Ram Mani, under the name of Managium Juris.  
     
    In a regulatory filing in June this year, Indiabulls had said, "Upon evaluation of the evidences gathered so far in the case and statements recorded by various employees of Managium Juris under section 164 in front of a judge, the courts had issued non-bailable arrest warrants against Kislay Panday and Mani Ram Panday. Both of them were absconding and on the run. Records at the Seemapuri Police Station at Delhi show that there were at least four first information reports (FIRs) against Kislay Panday and Ram Mani Panday filed between the years 2002-2011 by various individuals for offences such as cheating, fraud, extortion, blackmailing, threatening and offences under the Arms Act."
     
    Indiabulls had said that a racket of blackmailers had been trying to extort money from Indiabulls over the past two months threatening to write complaints to various government departments alleging siphoning off Rs55,000 crore if Rs10 crore was not paid to them, following which the company filed an FIR ( first information report) on 4 June 2019.
     
    It further said that one of the people involved in the blackmail was arrested on 7th June. Following the arrest, the group of people involved floated another complaint enhancing the amount in question to Rs98,000 crore.
     
    In its public apology, Managium Juris, states, “We now realise that misrepresentations and incorrect facts in the complaints and petitions have caused serious financial and reputational loss to Indiabulls, its promoters, directors, officials and shareholders. We undertake not to indulge in such activities ever in future and assure all concerned that neither me or my firm shall, whether directly or indirectly, file any kind of litigations or complaints against Indiabulls Group or its companies.”
     
    "There are other people trying to scuttle Indiabulls Housing merger with Laxmi Vilas Bank for their own vested interests and reasons. We reaffirm and reassure Indiabulls group that we will not, directly or indirectly, be a party to any of such actions or represent any of these group of people," the law firm concluded.
     
    On Tuesday at 2.45pm, Indiabulls Housing was trading 10% up at Rs556.55 on the BSE, while the benchmark Sensex was flat at 37,394.
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    COMMENTS

    Bapoo Malcolm

    4 months ago

    The Kislay Panday and IndiaBulls matter is a sad reflection on us as a country. No wonder that lawyers are being vilified everywhere.

    Have always maintained that our courts are overloaded, and overworked, thanks to frivolous litigation and malicious prosecution. My personal estimate is a figure of over 50%. The main area is in PILs and defamation cases, and property litigation. In short, blackmail. Courts must come down heavily on bogus cases, even insisting on lawyers to certify the veracity of the cases being filed. Lawyers must carry out due diligence. To depend only on clients' information is dangerous. I write this as being a victim of such abuse. I trusted a lawyer client, yes, a lawyer, a highly educated one. Now we double check EVERYTHING. People may speak the truth and nothing but the truth. But they seldom say the whole truth. And therein lies the rub. We have a couple of such experiences every week.

    The trick is to cross-examine your new clients, first. They may not come back, but, so much the better. Last week one lost his temper on the way out. And said he would not pay our fees because he was reminded by a person younger than he!

    Lawyers must resist the temptation to lie in court. A client discontinued my services when I told him that I would not allow him to lie in court. Unfortunately, lying is becoming a mantra.

    Slowdown continues: Domestic passenger cars sales plunge 36% in July
    The slump in domestic passenger cars' sales continued with the segment's off-take plunging by 35.95 per cent in July.
     
    According to industry observers, high cost due to GST, low demand, lack of adequate liquidity continued to dent purchases.
     
    According to the Society of Indian Automobile Manufacturers (SIAM), passenger cars sales in the domestic market dropped to 122,956 units from 191,979 units sold during July 2018.
     
    Among the other sub-segments of passenger vehicles, the number of utility vehicles sold in India went down by 15.22 per cent to 67,030 units in July 2019, while 10,804 vans were sold last month, down 45.68 per cent from the corresponding month of 2018.
     
    Overall, passenger vehicle sales declined 30.98 per cent in July to 200,790 units from 290,931 units. 
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    NIRANJAN SARKAR

    4 months ago

    I really don't understand. If I go to showrooms and ask to book the latest SUV/MSUV models, I'm told booking is halted due to overbooking. When we read car sales report we are told that sales are down. Does it mean, people are booking like crazy and then canceling? Hard to believe.

    tapan sur

    4 months ago

    This is exactly what I predicted on that fateful day at 12:01 am, that there will be a teratogenic effect on the economy, no one wanted to believe, but now I have been proved, we are in for more shocks. The only way out is to accept that there is a problem & then look for a solution, or be doomed!

    Nanda Patel

    4 months ago

    Similar accusation were done by "Subramanian Swamy".

    https://www.moneylife.in/article/subramanian-swamy-accuses-indiabulls-of-1-lakh-crore-fraud-indiabulls-denies/57783.html

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