Epaper
Follow us:
Home > Business > CCI fines Jaiprakash Associates for abuse of dominant position
CCI fines Jaiprakash Associates for abuse of dominant position | CCI fines Jaiprakash Associates for abuse of dominant position | English.Lokmat.Com

CCI fines Jaiprakash Associates for abuse of dominant position

The Competition Commission of India (CCI) has found Jaiprakash Associates Ltd (JAL) to be in contravention of the provisions of Section 4 of the Competition Act, 2002, for abuse of dominant position in the market.
CCI fines Jaiprakash Associates for abuse of dominant position

The abuse has been identified with independent residential units such as villas and estate homes in their integrated township, by imposing unfair and discriminatory conditions on the allottees in the Wish Town and Jaypee Greens project in Noida and Greater Noida, respectively. Subsequently, a fine of Rs 13.82 crore has been imposed on the company.

The CCI final order was passed on an information filed by a buyer who alleged that conditions imposed by JAL were arbitrary and heavily tilted in favour of it.

Based on the investigation, the Commission found that the standard terms and conditions imposed by JAL were one-sided and couched in a manner so as to unilaterally favour itself and be unfavourable to the consumers.

Moreover, terms were vague and did not confer any substantive rights on the buyers. The conduct of JAL, such as collecting money and charges from the buyers without delivering the residential or dwelling unit on time, adding additional construction and amending or altering layout plans, imposition of various charges, right to raise finance from any bank or financial institution/body corporate without consulting buyers, was held to be abusive.

The Commission has concluded such conduct of JAL to be in violation of Section 4(2)(a)(i) of the Act. Resultantly, the Commission imposed a penalty of Rs 13.82 crore on the company. Besides, a cease and desist order has also been issued to JAL.

( With inputs from IANS )

CCI fines Jaiprakash Associates for abuse of dominant position
Bharti Enterprises appoints Rajesh Sud as MD, Financial Services
Slowdown Effect: Auto sector workers' seek govt intervention
Germany's Merkel to stick to 'black zero' budget
US stocks end lower