A fortnight ago, the Competition Commission of India (CCI) had charged a fine of Rs 630 crore on infrastructure major DLF for abusing its dominant position in the market. This was to do with a high end residential project Belaire in Gurgaon. CNBC-TV18’s Malvika Jain reports that the CCI today has found DLF guilty of the same charges for two other projects, New Town Heights and Park Place located in Gurgaon.
However, the CCI has imposed no additional penalty on the company for these projects as they feel that a Rs 630 crore of penalty is already a substantial amount. In the case of Belaire, the penalty was decided at 7% of the average revenues over last three years.
What DLF has been directed to do is to modify its terms of condition as regards to these projects within the timeframe of two months, which is described under the act.
The fact that terms and conditions need to be modified is a victory for the consumers. But, it’s still very early to celebrate because DLF is likely to move the appellate tribunal against this order.
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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