DLF Ltd
on recently said it had deposited Rs. 525 crore with Supreme Court against the Rs. 630 crore fine slapped on it by the fair trade
regulator, Competition Commission of India (CCI).
In an analyst presentation, the
company said it would deposit the remaining amount by July,
2015
In August 2011, the regulator
had found DLF Ltd violating fair
trade norms and imposed a fine of Rs. 630 crore following a complaint by a Belaire Owners’
Association in Gurgaon.
The fine amounted to about
7.5%of
the firm’s FY14 revenue of Rs.
8,298 crore.
The apex court had in August,
2014 year directed the company to deposit the fine within 3 months, pending an appeal filed by it against
Competition Appellate Tribunal’s order upholding the penalty.
The court later allowed the
company to deposit part of the fine in monthly installments.
In another case of unfair and
abusive business practices, CCI last week found DLF violating fair trade norms,
but did not slap any fine. This case was lodged against its housing project,
New Town Heights, in Gurgaon.
According to the analyst
presentation, DLF’s net debt stood at Rs 20,965 crore as on March 31, up by Rs. 628 crore from Rs. 20,336 crore at the end of the December quarter. Of the total debt, DLF said
about Rs. 14,000 crore pertains to rental business, and the
rest towards development arm.
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