DLF deposits Rs. 50 cr with Supreme Court, to pay rest by November 25
Of the Rs. 630-crore fine imposed by fair-trade regulator CCI, realty major DLF has deposited Rs. 50 crore with the Supreme Court to comply with its direction and will pay the rest by November 25.
In August, the Supreme Court had said that the total sum be deposited within three months, pending the outcome of the DLF appeal against the May 19 order of Competition Appellate Tribunal’s upholding the penalty imposed by the Competition Commission of India (CCI).
“Total amount to be kept in an interest-bearing account, to be settled eventually as per the final order of the Supreme Court,” DLF said in an analyst presentation uploaded on Friday. In August 2011, the CCI had found DLF violating fair-trade norms and imposed the fine based on a complaint by Belaire Owners’ Association in Gurgaon.
Giving the media an update on the cancellation of 350-acre land parcel in Gurgaon by the Punjab and Haryana high court in September, DLF said: “Our appeal against the high court order has been filed in the Supreme Court. The next hearing is on November 28.”
On the Securities and Exchange Board of India (Sebi) order barring DLF and its six executives from accessing the capital market for three years, DLF said: “The company has filed an appeal with Securities Appellate Tribunal (SAT) against the Sebi order. The SAT has given the company an interim relief for redeeming mutual funds to the tune of Rs. 1,806 crore. The final hearing is on December 10.”
DLF said that based on the advice of independent counsels, the company management saw a reasonable likelihood of succeeding in various judicial cases. “The company and its legal advisors believe that it has not acted in the contravention of law in any of the legal matters pending before various judicial forums. The company has full faith in the judicial process and is confident of the vindication of its stand,” the statement mentions.