Competition Commission of India - DLF vs. Gurgaon
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Vinod P S
Aug 20, 2011, 10:16:51 PM8/20/11
to Taranginiredevelopment
http://www.business-standard.com/india/news/cci-imposes-rs-600-cr-penaltydlf/144472/on
fyi. news.
CCI imposes Rs 600 cr penalty on DLF
Press Trust of India / Mumbai August 16, 2011, 14:25 IST
Competition watchdog CCI today imposed a penalty of around Rs 600
crore on realty major DLF Ltd for abusing its dominant market
position.
The penalty, which amounts to 7% of the company's average annual
turnover of last three years, was imposed as DLF has been proven
guilty of violating section 4(2) of the Competition Act, 2002, sources
told PTI.
A company violates Section 4(2)(a) of the Competition Act when it
directly or indirectly imposes unfair or discriminatory conditions or
prices with respect to the purchase or sale of goods or services.
In May last year, on the basis of complaints by some people who booked
flats in DLF projects, the CCI had referred the matter for a probe by
the Director General (Investigations).
According to one such complaint, DLF had promised to complete its
residential project in Gurgaon, called Belaire, in 2009, but buyers
are yet to get possession.
In addition, DLF has increased the number of floors in the apartment
complex from the original figure given to buyers. This led to the
number of apartments in Belaire increasing to 564 from 384.
fyi. news.
CCI imposes Rs 600 cr penalty on DLF
Press Trust of India / Mumbai August 16, 2011, 14:25 IST
Competition watchdog CCI today imposed a penalty of around Rs 600
crore on realty major DLF Ltd for abusing its dominant market
position.
The penalty, which amounts to 7% of the company's average annual
turnover of last three years, was imposed as DLF has been proven
guilty of violating section 4(2) of the Competition Act, 2002, sources
told PTI.
A company violates Section 4(2)(a) of the Competition Act when it
directly or indirectly imposes unfair or discriminatory conditions or
prices with respect to the purchase or sale of goods or services.
In May last year, on the basis of complaints by some people who booked
flats in DLF projects, the CCI had referred the matter for a probe by
the Director General (Investigations).
According to one such complaint, DLF had promised to complete its
residential project in Gurgaon, called Belaire, in 2009, but buyers
are yet to get possession.
In addition, DLF has increased the number of floors in the apartment
complex from the original figure given to buyers. This led to the
number of apartments in Belaire increasing to 564 from 384.
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