DLF to challenge competition tribunal ruling in SC
The country's largest real estate firm DLF Monday said it will challenge in the Supreme Court the Competition Appellate Tribunal's ruling that seeks to penalise the company with Rs.630 crore for anti-competitive activities.
The Competition Appellate Tribunal (COMPAT) Monday upheld the Competition Commission of India order to penalise DLF with Rs.630 crore for violation of fair trade practices in Park Place, Belaire and Magnolia projects in Gurgaon.
Belaire Owners' Association had lodged a complaint with the Competition Commission of India (CCI), accusing the company of unfair trade practices.
In a ruling announced in August 2011, the Competition Commission found DLF guilty and imposed a fine of Rs.630 crore on it. The company subsequently challenged the order in the Appellate Tribunal.
In a statement, DLF said it has not done anything wrong and would challenge the Appellate Tribunal order in the Supreme Court.
"The Company shall be challenging the said order passed by the Hon'ble COMPAT in the Hon'ble Supreme Court, for which COMPAT has given us 60 days' time."
"The Company wishes to point out that it has successfully delivered Park Place, Belaire and Magnolia projects which were the subject matter of the above appeals," DLF said.
"The company has respected in true letter and spirit the customer commitments made by it. In testament thereof, out of over 2,600 total number of apartments, over 2,200 have been handed over, and over 1,800 number of families are already residing therein," it added.
(Posted on 19-05-2014)