High court orders Haryana govt to cancel DLF land deal

[naveenarichwal]

CHANDIGARH: The Punjab and Haryana high court on Wednesday ordered to cancel allocation of 350 acres of land in Gurgaon to real estate group DLF.

The court's verdict to cancel the allotment of land of Gurgaon's Wazirabad village is likely to add to the troubles of chief minister Bhupinder Singh Hooda who has been accused in the past of doling out land at a meagre cost to DLF and Robert Vadra, son-in-law of Congress president Sonia Gandhi

The village made news in 2010, when it came open that 350 acres of prime land, acquired from the panchayat, was sold for Rs 17 billion to DLF Limited for development of a recreation and leisure park.

The court's order is also likely to affect Congress's chances in the upcoming assembly polls in Haryana.

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[naveenarichwal]

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In a huge win for customers, the Supreme Court (SC) on Wednesday directed realty major DLF to submit Rs 630 crore within three months. The company will be submitting undertaking of interest of 9 percent on Rs 630 crore fine. The total amount has to be deposited with the apex court's Registry. 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. Out of Rs 630 crore, DLF 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 bench said. Most realty analyst were expecting this decision by the apex court. Quantum wise, the amount of Rs 630 crore is nearly 7.5 percent of DLF's FY14 revenue of Rs 8,298 crore. On July 11, DLF moved the apex court against the COMPAT order announced in May that upheld competition regulator Competition Commission of India's (CCI) ruling, which imposed Rs 630 crore penalty with 9 percent interest alleging abuse of dominant position in Gurgaon. In 2011, CCI had found DLF violating fair trade norms and abusing its dominant position and imposed a penalty of Rs 630 crore. This as a complaint was filed by Belaire Owners Association, Gurgaon - the owners’ association of a DLF project. The association alleged that DLF imposed highly arbitrary, unfair and unreasonable conditions on allottees of apartments and these conditions had serious adverse effects and ramifications on the rights of the buyers. This tribunal then dismissed DLF's plea against the fine imposed by the CCI. The tribunal had given the company 60 days to pay the penalty or approach the Supreme Court. DLF had then said that it would move the Supreme Court on the matter. DLF stock price On August 22, 2014, DLF closed at Rs 183.05, down Rs 1, or 0.54 percent.