New Delhi: A day after CCI imposed a fine of Rs 630 crore for abusing its dominant position, realty giant DLF on Wednesday said the company is exploring all options, including challenging the order before Competition Appellate Tribunal.
In a filing to the Bombay Stock Exchange, DLF said that "the company is perusing the order and will examine all options in consultation with legal experts including but not limited to appealing against the order at the Competition Appellate Tribunal".
The Competition Commission of India (CCI) imposed the penalty on DLF for abusing its dominant position and issued a 'cease and desist' order against imposing unfair conditions on the flat buyers.
DLF, the country's largest realty firm, said: "The company continues to believe that we have a strong case". The company's shares today fell by 6.03 percent and closed at Rs 177.60 on BSE.
DLF received an order from CCI in connection with a complaint filed by Belaire Owner's Association. In May last year, the association complained to CCI that DLF had promised to complete the residential project in Gurgaon called 'The Belaire' in 2009, but the buyers are yet to get possession.
Besides, it alleged that DLF "imposed highly arbitrary, unfair and unreasonable conditions on the apartment allottees of the housing complex, which has serious adverse effects and ramifications on the rights of the allottees."
It also alleged that DLF had announced the project before getting necessary conditions and clearances.
According to the DLF advertisement, Belaire was to consist of 5 multi-storied residential buildings, each to have 19 floors. The total number of apartments to be built was 368 and the construction was to be completed within 36 months.
However, in place of 19 floors with 368 apartments, now 29 floors have been constructed, they had alleged.
First Published: Wednesday, August 17, 2011, 17:44