B U S I N E S S

Gurgaon projects
SC tells DLF to pay penalty of Rs 630 crore in 3 months
New Delhi, August 27
The Supreme Court today directed real estate major DLF to deposit the fine of Rs 630 crore slapped on it for unfair business practices. The Competition Commission of India (CCI) had imposed the fine in August 2011 which was upheld by the Competition Apellate Tribunal (Compat), prompting DLF to appeal in the SC seeking an interim stay.

IMF chief faces investigation in fraud case
Paris, August 27
IMF chief Christine Lagarde has been placed under formal investigation by French magistrates on Wednesday for her alleged role in a long-running political fraud case, a source close to the former French finance minister said.

Cabinet eases norms for road projects
New Delhi, August 27
To boost road and highway construction in the country under the PPP model, the government today eased the norms in the Model Concession Agreement (MCA), which would help attract equity in the sector.

Haryana exempts VAT on textile products
Chandigarh, August 27
The Haryana Government has announced tax relief on textile and textile products under the Haryana VAT Act, 2003. An official spokesman said the VAT exemption would be given on saris, shawls and unstitched ladies suits, bedsheets with pillow covers of the value not exceeding Rs 1,000 per set and textile mats of value not exceeding Rs 50 per piece.

Ratan Tata invests in Snapdeal
New Delhi, August 27
Tata Sons’ chairman emeritus Ratan Tata has invested in online marketplace Snapdeal.com. “Mr Tata has made a personal investment in the company,” Snapdeal co-founder and CEO Kunal Bahl said. The investment amount, however, was not disclosed. “This stands testimony to the growth and success that we have seen in a short span of four years,” Bahl said. Snapdeal, which has raised about $400 million since its inception, has invested about $100 million in logistics and operations to expand its presence in the $3 billion Indian e-Commerce market. “An investment by a legendary and respected figure like Tata is an excellent validation of our focused strategy on building a long-term enterprise and marks the start of an important phase for the company,” Bahl said. — PTI

Gurgaon projects
SC tells DLF to pay penalty of Rs 630 crore in 3 months
Fine was imposed by the CCI for unfair business practices
Legal Correspondent

Compat had given its ruling in May this year. DLF pleaded for at least six months’ time to deposit the amount with the SC registry, but the Bench said it was not inclined to grant more than three months. The registry would be at liberty to keep the amount in any nationalised bank. The Haryana government and HUDA are also parties in the DLF appeal.

DLF to comply with Supreme Court’s order

DLF on Wednesday said it will comply with the direction of the Supreme Court to deposit the Rs 630-crore penalty imposed by the competition watchdog CCI and said it remained confident about the merits of its case.

The apex court today said the total amount should be deposited within three months with its registry pending the outcome of the appeal filed by DLF against May 19 order of Competition Appellate Tribunal (COMPAT) that had upheld the penalty of Rs 630 crore imposed by the CCI.

In a filing to the BSE, DLF said: “The copy of the order passed today by the Supreme Court is still awaited. DLF will take all steps to comply with the directions of the Supreme Court and remains confident of the merits of its case.” The company further said that its appeal against the order of COMPAT has been admitted today by the Supreme Court.

Shares slide 4.5%

Mumbai: Shares of DLF on Wednesday fell by 4.5%, after the company was directed by the Supreme Court to deposit Rs 630-crore fine slapped on it by the CCI for allegedly resorting to unfair business practices.

Shares of DLF fell by 4.44% to settle at Rs 183.05 on the BSE. In intra-day, it tumbled 5.32% to Rs 181.35. At the NSE, the stock slipped 4.49% to end at Rs 183.05. — PTI

IMF chief faces investigation in fraud case

Paris, August 27
IMF chief Christine Lagarde has been placed under formal investigation by French magistrates on Wednesday for her alleged role in a long-running political fraud case, a source close to the former French finance minister said.

The source said Lagarde, who earlier was questioned by magistrates in Paris under her existing status as a witness, considered their decision to investigate her for alleged “negligence” was unfounded and would appeal it. A French judiciary source also confirmed the step.

In French law, magistrates place someone under formal investigation when they believe there are indications of wrongdoing, but that does not always lead to a trial.

The inquiry into tycoon Bernard Tapie has embroiled several of former president Nicolas Sarkozy’s cabinet members, including Lagarde.

Tapie, who supported Sarkozy in the past two elections, was awarded 403 million euros in a 2008 arbitration payment under Sarkozy’s presidency to settle a dispute with the now defunct, state-owned bank Credit Lyonnais over a 1993 share sale. Lagarde was finance minister at the time. — Reuters

Cabinet eases norms for road projects
Move aimed at boosting construction of roads, highways
Tribune News Service

Haryana exempts VAT on textile products
Tribune News Service

Chandigarh, August 27
The Haryana Government has announced tax relief on textile and textile products under the Haryana VAT Act, 2003. An official spokesman said the VAT exemption would be given on saris, shawls and unstitched ladies suits, bedsheets with pillow covers of the value not exceeding Rs 1,000 per set and textile mats of value not exceeding Rs 50 per piece.

Meanwhile, a proposal to provide solar water pumps to small or marginal farmers belonging to Scheduled Castes having one acre to 2.5 acres or more agriculture land has been approved.

Under the scheme, farmers will get get 30% Central financial assistance from Union Ministry of New and Renewable Energy and 60% subsidy from Welfare of Scheduled Castes and Backward Classes Department, Haryana. The remaining 10% share would be borne by the farmers.