The Supreme Court Wednesday penalised real estate giant DLF Rs. 630 crore for exploiting its dominant position to the disadvantage of its customers in three projects in Gurgaon.
An apex court bench of Justice Ranjana Prakash Desai and Justice N.V. Ramana said that DLF would furnish an undertaking to pay Rs.170 crore interest on the penalty of Rs. 630 crore or the amount court may direct it to pay if its appeal falls in the Supreme Court.
The court said that DLF will deposit Rs. 50 crore of the Rs. 630 crore within three weeks and the balance of Rs.580 crore within three months from Wednesday. The court directed the registry to put this amount in a fixed deposit in a nationalised bank.
DLF agrees to pay fine
The realty firm DLF stated it will comply with the direction of the Supreme Court and said it remained confident about the merits of its case.
In a filing to the BSE, DLF said: “The copy of the order passed today by the Supreme Court is still awaited. DLF will take all steps to comply with the directions of the Supreme Court and remains confident of the merits of its case.”
The company further said that its appeal against the order of COMPAT has been admitted today by the Supreme Court.
“The Supreme Court directed DLF to deposit Rs 630 crore in an interest-bearing fixed deposit with the Court for the duration of the appeal proceedings.
“The amount is to be deposited within a period of three months, of which Rs 50 crore is to be deposited within three weeks. The entire deposit is subject to the final decision of the Supreme Court,” DLF said in the filing.
Reacting to the SC direction, shares of DLF fell by 4.44 per cent to settle at Rs 183.05 on the BSE. In intra-day, it tumbled 5.32 per cent to Rs 181.35. At the NSE, the stock slipped 4.49 per cent to end at Rs 183.05.