New Delhi: The Competition Appellate Tribunal (Compat) on Monday registered an appeal filed by realty major DLF against a Competition Commission of India (CCI) order that had forced Rs 630 crore fine on the company.
The fine was obligatory by CCI on August 16 this year in response to a complaint filed by a group of buyers in DLF Belaire, an expensive residential project by the company at Gurgaon. DLF’s appeal will come over for hearing at the Competition Appellate Tribunal on November 9, 2011.
A DLF spokesperson confirmed filing of the appeal at Competition Appellate Tribunal. In its August 16 order, the competition watchdog CCI had said that DLF abused its leading market position in Gurgaon and forced unfair conditions on the buyers of its flats and hits the R630 crore fine on the company.
A senior DLF executive, appealed anonymity told that the company in its appeal has fight that secondary property market need to be considered to arrive at the relevant market in a city which the CCI had failed to do so.
“We are neither in a position to stop any other realty player to enter the market nor force them to exit. There is no way we can abuse our position in the market,” said the company’s executive.
The CCI began hearing the case in February this year. DLF’s stocks were up 5% at R229 on the BSE on Monday.