DLF unable to pay Rs 580cr penalty; recovers from lows

Realty major DLF slipped more than 3 percent intraday after the company expressed its inability to pay Rs 580 crore penalty. However, the stock gained more than 1 percent as some buying interest was seen in it.

According to reports, DLF has moved the Supreme Court, expressing its inability to meet the court-fixed November 26 deadline to deposit Rs 630 crore as a pre-condition to entertain its appeal against the Competition Appellate Tribunal's (Compat's) decision of imposing the hefty penalty.

In August, the Supreme Court had said that the total amount should be deposited within 3 months with its Registry, pending the outcome of the appeal filed by the DLF against the May 19 order of Competition Appellate Tribunal's upholding the penalty imposed by CCI.

In August 2011, the Competition Commission of India had found DLF violating fair trade norms and imposed a fine of Rs 630 crore on it following a complaint by a Belaire Owners' Association in Gurgaon.