Gurgaon-based owner's association had alleged that DLF imposed highly arbitrary, unfair and unreasonable conditions on allottees of apartments, which had serious adverse effects and ramifications on the rights of the buyers
The Supreme Court on Wednesday, while upholding order from the Competition Appellate Tribunal (CompAT), asked DLF to pay a penalty of Rs630 crore in three months for unfair trade practices.
The company will have to pay Rs50 crore within three weeks, while the remaining will have to be paid within thee months. DLF will also have to submit an undertaking of interest of 9% on the penalty amount.
DLF had earlier moved the Supreme Court against the CompAT order which had upheld the ruling by Competition Commission of India imposing the penalty on the company for unfair business practices.
In 2011, the CCI had found DLF violating fair trade norms and imposed the said penalty on a complaint filed by the owners’ association of a DLF project, the Belaire Owners’ Association, in Gurgaon.
The association had alleged that DLF imposed highly arbitrary, unfair and unreasonable conditions on allottees of apartments, which had serious adverse effects and ramifications on the rights of the buyers.
Dismissing DLF's plea against the fine imposed by the Competition Commission of India, the tribunal had given the company 60 days to pay the penalty or approach the Supreme Court. DLF had then said that it would move the Supreme Court on the matter.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Fiercely independent and pro-consumer information on personal finance.
1-year online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
Complete access to Moneylife archives since inception ( till the date of your subscription )
