JOIN USReal estate major DLF was directed by the Supreme Court on Wednesday, to deposit Rs 630 crore fine slapped on it by the Competition Commission of India (CCI) 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.
“We direct the appellant (DLF) to deposit the amount of Rs 630 crore in this court,” a bench comprising justices Ranjana Prakash Desai and N V Ramana said in its interim order.
The bench said so far as the interest on the amount was concerned it has to be determined as per the November 9, 2011 order of the CCI that was fixed at 9 per cent.
Six months time
It also directed DLF to file a fresh undertaking that in the event of dismissal of the appeal it will pay such amount as directed by the court.
DLF pleaded that it should be granted at least six months time to deposit the amount. However, the bench 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.