Home / Business / Money / Starting to make a difference in India trade practices: CCI

Starting to make a difference in India trade practices: CCI

The CCI in 2011 had found DLF violating fair trade norms and imposed a fine of Rs 630 crore on it following a complaint by Belaire Owners’ Association in Gurgaon. It was in May 2010 that the buyer’s association had complained against DLF.

After the Bell

Excerpts from After the Bell on CNBC-TV18 Watch the full show »

In what comes in as a big boost for the Competition Commission of India (CCI), formed in 2003, realty major  DLF today was directed by the Supreme Court to deposit Rs 630 crore fine slapped by the regulator for allegedly resorting to unfair business practices.

The apex court said the total amount will be deposited within three months with its Registry pending the outcome of the appeal filed by DLF against May 19 order of Competition Appellate Tribunal’s upholding the penalty of Rs 630 crore imposed by the CCI.

DLF pleaded that it should be granted at least six months time to deposit the amount. However, the bench comprising justices Ranjana Prakash Desai and N V Ramana said it was inclined to grant three months time only. Further, the bench directed that out of Rs 630 crore, the real estate major has to deposit Rs 50 crore in three weeks and the Registry will be at liberty to invest it in any of the nationalised banks.

The CCI in 2011 had found DLF violating fair trade norms and imposed a fine of Rs 630 crore on it following a complaint by Belaire Owners’ Association in Gurgaon. It was in May 2010 that the buyer’s association had complained against DLF.

Speaking to CNBC-TV18’s Latha Venkatesh and Nayantara Rai, Ashok Chawla, Chairperson, Competition Commission of India (CCI) said the regulator is looking at more such cases. In fact, he said there is one investigation undertaken based on some complaints it received. “Our intention is to improve the way real estate market works,” he said adding, “…we are looking at other matters of unfair trade practices.”

Chawla said CCI will set up its own monitoring cell to see where malpractices are happening, not just rely on consumer complaints. “We have started to make a difference in trade practices across India,” he said.

On the CCI’s recent order against auto companies, Chawla said they would get two-months time to appeal against the ruling.

Leave a Reply

x

Check Also

Rupee recovers 6 paise to 67.01

The rupee today recovered some lost ground by rising 6 paise to ...

Notes ban to have positive impact on economy

NEW DELHI: The government’s demonetisation move has led to widespread adoption of ...