DLF to comply with SC directions

Real estate giant DLF, which was penalised by the Supreme Court Wednesday, said it will abide by the decision of the country's apex court.

"DLF will take all steps to comply with the directions of the Hon'ble Supreme Court and remains confident of the merits of its case," the company said in a statement.

Earlier in the day, the Supreme Court penalised DLF Rs.630 crore for exploiting its dominant position to the disadvantage of its customers in three projects in Gurgaon.

An apex court bench of Justice Ranjana Prakash Desai and Justice N.V. Ramana said DLF would furnish an undertaking to pay Rs.170 crore interest on the penalty of Rs.630 crore or the amount court may direct it to pay if its appeal falls in the Supreme Court.

The court said DLF will deposit Rs.50 crore of the Rs.630 crore within three weeks and the balance of Rs.580 crore within three months from Wednesday. The court directed the registry to put this amount in a fixed deposit in a nationalised bank.