New Delhi: DLF on Monday said it will move Supreme Court against the Competition Appellate Tribunal (Compat) ruling that has upheld the CCI order imposing Rs 630 crore penalty on the country's largest realty firm for unfair business practices.
In August 2011, the Competition Commission of India (CCI) had found DLF violating fair trade norms and imposed a fine of Rs 630 crore on it following a complaint by a Belaire Owners' Association in Gurgaon.
"The Compat has pronounced the order today upholding certain findings of the earlier orders of CCI. The company is yet to examine the detailed order, therefore, the company at this stage will not be in a position to make any further comments," DLF said in a statement.
"The company shall be challenging the said order passed by the Compat in the Supreme Court for which Compat has given us 60 days time," DLF added.
The company said that it has successfully delivered Park Place, Belaire and Magnolia projects which were the subject matter of the above appeals.
"The company has respected in true letter and spirit the customer commitments made by it. In testament thereof, out of over 2,600 total number of apartments, over 2,200 have been handed over, and over 1,800 number of families are already residing therein," the statement said.
Reacting to the Compat order, Belaire Owners Association President Sanjay Bhasin said: "This is a huge victory for all the buyers of real estate in our country who has so far felt completely helpless against dominant real estate companies".
This judgement would restore the balance between the real estate developers and property buyers, Bhasin added.
