SC asks DLF to deposit remaining Rs 480 crore penalty
28 Nov 2014 6:58 PM GMT
A bench of Chief Justice HL Dattu, Justice AK Sikri and Justice NV Ramana said DLF could pay the amount in instalments of Rs.75 crore each from Jan 15 till the penalty is cleared.
DLF was imposed the penalty of Rs 630 crore by the Competition Commission of India (CCI) for allegedly exploiting its dominant position to the disadvantage of its customers in three projects in Gurgaon.
The apex court was hearing a petition by the real estate major challenging the imposition of penalty by the CCI Aug 12, 2011. The CCI decision was upheld by the Competition Appellate Tribunal in 2013.
DLF had Thursday deposited with the apex court registry Rs 100 crore toward paying the penalty imposed by the CCI.
The real estate giant had deposited Rs 50 crore in pursuance to the apex court order of Aug 27. This together with the subsequent Rs 100 crore brought the amount deposited so far to Rs 150 crore.
A counsel appearing for the flat owners told the court that DLF had collected Rs.250 crore from them for the registration of their properties but nothing has been done so far.
Assailing the CCI order of Aug 12, 2011, DLF has argued that the CCI could not have imposed penalty based on the three year average of the entire turnover of DLF's real estate operations in the country.
It has contended that the penalty should have been restricted to Rs.1,100 crore - the sale price of three housing complexes.
The CCI on the other hand has taken a stand that DLF used its dominant position to the disadvantage of the flat allottees. "It is an exploitation of disadvantaged customers who were trapped," CCI had told the court earlier.
DLF was imposed the penalty of Rs 630 crore by the Competition Commission of India (CCI) for allegedly exploiting its dominant position to the disadvantage of its customers in three projects in Gurgaon.
The apex court was hearing a petition by the real estate major challenging the imposition of penalty by the CCI Aug 12, 2011. The CCI decision was upheld by the Competition Appellate Tribunal in 2013.
DLF had Thursday deposited with the apex court registry Rs 100 crore toward paying the penalty imposed by the CCI.
The real estate giant had deposited Rs 50 crore in pursuance to the apex court order of Aug 27. This together with the subsequent Rs 100 crore brought the amount deposited so far to Rs 150 crore.
A counsel appearing for the flat owners told the court that DLF had collected Rs.250 crore from them for the registration of their properties but nothing has been done so far.
Assailing the CCI order of Aug 12, 2011, DLF has argued that the CCI could not have imposed penalty based on the three year average of the entire turnover of DLF's real estate operations in the country.
It has contended that the penalty should have been restricted to Rs.1,100 crore - the sale price of three housing complexes.
The CCI on the other hand has taken a stand that DLF used its dominant position to the disadvantage of the flat allottees. "It is an exploitation of disadvantaged customers who were trapped," CCI had told the court earlier.
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