Realty firm DLF Ltd
has said that it will move Supreme Court against Competition Appellate Tribunal
(COMPAT) ruling that upheld the CCI order imposing Rs. 630 crore penalty on the
company.
The Competition
Commission of India (CCI) had found DLF Ltd violating fair trade norms in their
Belaire project.
The decision came
after the Belaire Owners' Association had approached the CCI for constructing
additional floors without their permission. Ruling in favour of the residents,
the CCI imposed a penalty of Rs. 630 crore on DLF Ltd, in August 2011.
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| Src: ET |
On Monday, the DLF
Ltd released a statement to this effect stating, “The Hon'ble COMPAT has
pronounced the Order today upholding certain findings of the earlier Orders of
CCI. The Company is yet to examine the detailed Order, therefore, the Company
at this stage will not be in a position to make any further comments.”
“The firm 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,” said Mr.Sanjey Roy, Senior
Vice President, Corporate Communications, DLF Ltd in the statement.
“The firm wishes to
point out that it has successfully delivered Park Place, Belaire & Magnolia
projects which were the subject matter of the above appeals. The Company has
respected in true letter and spirit the customer commitments made by it. In
testament thereof, out of over 2600 total number of flats, over 2200 have been
handed over, and over 1800 number of families are already residing therein,”
added the statement
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