CCI charge puzzles DLF
Realty major DLF today questioned the Competition Commission of India's decision to charge it with "unfair and abusive" business practices.
- Published 16.05.15
New Delhi, May 15: Realty major DLF today questioned the Competition Commission of India's decision to charge it with "unfair and abusive" business practices.
The company said it was "very surprising" that no penalty had been imposed on various other realtors operating in the same market with the same product line.
Stating that it was still studying the order, DLF in a statement said, "It is, however, very surprising that in Gurgaon there are tens of companies, which offer flats in the same range of Rs 45-50 lakh.
"It is also well-known that tens of thousands of flats are offered in the area of Gurgaon within the same price range, with same amenities and in the same product line. We have also noticed that no penalty has been imposed. We are studying the order in detail and go as advised by legal counsel."
The DLF stock today ended 1.65 per cent lower at Rs 124.85 on the Bombay Stock Exchange. During the day, it fell 2 per cent to Rs 124.30.
In a fresh order yesterday against DLF, the CCI had ruled that the realty giant was guilty of indulging in "unfair and abusive" business practices in the sale of apartments in a Gurgaon housing project.
The CCI asked DLF Gurgaon Home Developers Private Limited and its group companies to "cease and desist" from such unfair trade practices, but did not impose any fresh monetary penalty as a fine of Rs 630 crore has already been slapped on the company for similar violation during the same period in a separate case.