The Competition Appellate Tribunal (Compat) has issued a notice to not to levy Rs.630cr penalty charged by the fair trade watchdog Competition Commission of India (CCI) on the DLF realty company for practicing unfair trade. A three-member bench headed by Justice Arijit Pasayat release the order.
However, in the August month of 2011 Competition Commission of India (CCI) has charged fine at the rate of 7percent of the average of the turnover for the last three years on real estate giant DLF Ltd. The amount of Rs.630 crore has been imposed for the irregularities in business, bias business deeds and inequitable conditions made before the home buyers in Gurgaon.
On the other hand the Compat has specified in an interim order that if DLF loses its case, the company will have to deposit the entire amount along with 9 per cent interest.
In between also directed to company and the the flat owners’ association to submit a draft of the revised terms of their agreement, as directed by the CCI in its order, within a period of eight weeks.