SC asks DLF to pay Rs 630-cr penalty imposed by CCI
In an interim order issued by a Supreme Court bench, bigwig realty firm DLF has been asked to deposit a penalty amount of Rs 630 crore for its allegedly unfair business practices. The penalty was imposed on DLF by the Competition Commission of India (CCI).
The directive issued to DLF by the SC bench – comprising justices Ranjana Prakash Desai and N V Ramana – said that the Rs 630 crore penalty will be deposited within three months with the apex court’s Registry, pending the outcome of DLF’s appeal filed against Competition Appellate Tribunal’s May 19 order which upheld the penalty imposed by the CCI.
Justices Desai and Ramana said in the interim order: “We direct the appellant (DLF) to deposit the amount of Rs 630 crore in this court.”
With regard to the interest on the amount, the Justices said that the interest is yet to be determined in accordance with the CCI’s November 9, 2011 order which fixed the interest at 9 percent.
Other than asking DLF to pay the penalty amount, the SC Justices also told the company to file a fresh undertaking that, if its appeal is dismissed, it will pay such amount as directed by the court.
Meanwhile, though DLF requested the Justices to grant it a period of at least six months to deposit the penalty amount, they said that they were inclined to grant the company only three months time.
Source – Financial Chronicle
CCI, Competition Commission of India, DLF, N V Ramana, Realty firm DLF, SC bench, Supreme Court bench
