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The Competition Appellate Tribunal (Compat) to continue the fine amount of Rs.630 Cr. levied On DLF

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The sources told the NBTV that an interim reprieve is granted to DLF by the Competition Appellate Tribunal (Compat) on Wednesday by continuing the amount of Rs.630 Crore levied on DLF. This fine is imposed against DLF by the vigilance authorities for the Company’s ill intention of thwarting the business attempts of their competitors in the realty segment. DLF is the biggest player in the land property segment. The sources also told the NBTV that the Regulator directed the Company to make a promise, in writing that they would set down the whole fine amount together with 9% of the sum towards interest, in the event of the Company losing the battle.
The sources further told the NBTV that the court assembled to take notice of the Company’s petition in opposition to an edict approved by the Competition Commission of India who had levied the penalty for misusing its key position in the Real Estate Sector and for their lopsided agreements with the purchasers of the dual properties in Gurgaon-Belaire and Park place. The purchasers of the property lodged an objection on May 2010 in opposition, stating the inordinate postponement of their properties and further illogical construction and alterations besides deviation from the original plan submitted by the Company. According to the original plan submitted by the Company, Belaire will have five overlooks with 19 storeys each, but DLF, in contravention of the original pact entered into with the purchasers added another 10 storeys adding it to a total of 29 storeys.
The sources told the NBTV that the Chairperson of the Court, while ordering that the penalty be continued, directed the Purchasers as well as the Company – DLF – to submit a written statement of the projected alterations to the debatable points which became a portion of the purchaser’s pact which is the crux of the matter, before 56 days or say approximately 60 days. It may not be out of place to state here .
The members who were appointed to specifically look into the complaints of the affected directed the Company – DLF – to amend the litigious pact of the Purchasers inside 90 days. The Hon’ble Justice Pasayat stated that while the Regulatory Authority – CCI – offered 90 days for altering the conditions, CCI did not specify the nature of modifications to be incorporated. The Company was told to offer its ideas as to the nature of changes that would be incorporated in the revised agreement. The ultimate dispute with regard to the issue will be finalized during the second fortnight of February.
The sources further told the NBTV that according to the Head of the Park Place Residents Welfare Association it is not surprising to know the outcome of the complaint as it was already anticipated by them, but it only pinches them that this case may become a guide in regard to the land property sector. The Head of the PPRWA further stated that 21 points in the Agreement is uninformed to the purchasers.
The Residents’ Body further mentioned that DLF did not surrender a portion of the disbursements made by a majority of the Purchasers due to holdup in the fee. He further mentioned that the Company – DLF – disburses only 1% every year towards fine to the Purchasers because of setback while, on the contrary, the Company forces them to recompense for the late payment at the rate of around 18% towards interest to which he agreed that the intentions of the Company should be fair.
He further mentioned that it would be pertinent to state here that the Court was informed that the Company repealed the allocation despite the interregnum edict notified by the CCI during September 2010, under Section 33 of the Competition Act, 2002.
Source: Press Trust Of India

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