Competition watchdog slaps Rs 630 cr fine on DLF
The Competition Commission of India (CCI) on Tuesday imposed a penalty of Rs 630 crore on DLF for abusing its dominant market position. HT reports.india Updated: Aug 16, 2011 21:29 IST
The Competition Commission of India (CCI) on Tuesday imposed a penalty of Rs 630 crore on DLF for abusing its dominant market position.
The move follows complaints of some buyers who had booked flats in . The realty major had promised to complete its residential project in Gurgaon -Belaire - in 2009, but buyers are yet to get possession.
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.
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.
The company is studying the order and is in consultations with legal experts, said Rajeev Talwar, executive director, DLF. "We feel we have a strong case."