Hot News On DLF Case
DLF land allotment case has finally ended with fines and penalties imposed by the competition watch dog CCI. The hearing scheduled for Thursday makes DLF to make arrangements for payment of the penalty amount fixed by the apex court.
Out of the fixed amount of 630 crore DLF has paid only fifty crore and sought an exemption for the balance amount. They have compensated with their land which is worth nearly 580 crore in the form of security. Their arguments are against the Sebi order which has created worst financial conditions in their real estate business which has resulted in bad status in the eyes of the financial and lending institutions. The above has resulted in DLF procuring loans which has become a major issue and problem for the real estate business.
Relief
DLF has now found some relief after the court’s verdict which they feel somewhat favourable to their case as there are hopes of reauction of the 350 acre land. The court has taken the above decision because the farmers are the affected parties in the land deal. In the above land deal DLF secured the contract as the main and only bidder against the other dealer Unitech who withdrew the deal due to various technical reasons. The rate invited by the bidder is 12000 per square meter against the price fixed which is 11.978 per square meter. DLF secured the land deal for an amount of 1750 crore. Hence the verdict offered by the Supreme Court Of India has made DLF to breathe some air with best hopes which they foresee for their betterment of their real estate business.
Penalty
In addition to the above verdict order from the court directing DLF to pay the stated penalties in instalments enable DLF to get sufficient time to clear off the penalties and can think of strong plans to get relieved from the troubled crisis. Every month DLF has to pay nearly 75 crore per month and the apex court has not prescribed any additional interest on the principal penalty amount. Still everyone is watching closely related news on the land allotment case on money control.
Article Source : Money Control
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