Crisis-hit Jaiprakash Associates Ltd. will challenge the Competition Commission of India's order that imposed nearly Rs 14 crore fine on the company for abusing dominant market position.
The penalty was extended by the CCI for imposing "unfair" and "discriminatory" conditions on home buyers.
"The company is in the process of filing an appeal against the order," JAL said in a regulatory filing. As per the filing, the CCI has held that the company enjoys dominant position in the relevant market of provision of services for development and sale of independent residential/dwelling units in integrated townships in Noida and Greater Noida, Uttar Pradesh.
In an order dated Aug. 9, the watchdog has imposed a penalty of Rs 13.82 crore, which amounts to 5 percent of the relevant turnover earned by the company from the relevant market during the financial years from 2009-10 to 2011-12.
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