DLF Belaire flat owners play safe on compensation Posted on 2nd September 2014 |
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| Consumer activism entered a new phase in working out claims and compensations. The latest example is of the Belaire project in Gurgaon, over which DLF, the country's largest real estate company, was recently told by the Supreme Court to pay Rs 630 crore for abusing its dominant market position. Apartment owners at Belaire, in the process of selling their units are adding a clause in the sale deeds that if compensation is granted, they - not the buyers - will have the right to claim it. Sources say owners would seek compensation, which could range between Rs 1.5 lakh and Rs 40 lakh depending on various factors, from the Competition Appellate Tribunal (Compat). In the normal course of selling an apartment, once the registration process is completed, all the rights are transferred to the new owner. However, in this case, as the registration of apartments in Belaire is on hold because of pending litigation, compensation could be claimed by sellers. Otherwise, such clauses in the agreements have no legal standing, according to a broker involved in one of the deals for the project. The apartments there at Golf Course Road, spread over 6.67 acres, are priced at Rs 4-6 crore each. Last week, the Supreme Court had directed DLF to pay the Rs 630-crore penalty imposed by the Competition Commission of India (CCI) within three months, rejecting the firm's request to stay the order. CCI had imposed the penalty in 2011 on a petition by flat buyers' associations of two of DLF's projects in Gurgaon, DLF Park Palace and The Belaire. The buyers had alleged delays in the project and increase in number of floors than planned earlier. CCI also asked DLF to modify the apartment buyers' agreement. DLF had moved Compat and managed to get a stay order on the penalty but recently the tribunal dismissed DLF's plea and the case was then challenged in the Supreme Court. The final decision will be taken in due course after hearing all sides, the Supreme Court said. DLF has come under the CCI's scanner again for allegedly drafting a one-sided agreement with flat buyers in its New Town Heights project in Gurgaon. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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