Download Unicorn Signals App

Powered By EquityPandit
 Signals, Powered By  EquityPandit
Latest News

CCI has ordered probe against Jaypee Greens

The fair trade regulator CCI has ordered a detailed investigation against Jaypee Greens for suspected violation of the competition norms on Friday.

The case relates to a project which involves construction and sale of villas in Greater Noida area in the national capital region.

CCI said that its probe follows a complaint by a buyer, who had booked a villa worth Rs 4.05 crore for which he had already paid 95 percent of the total cost and was allotted the same.

CCI said that it examined the provisional allotment letter which was issued by Jaypee and found that “some of its clauses as elaborated in the earlier part of this order, prima facie, are unfair, one sided and heavily loaded in favour of the Opposite Party (Jaypee Greens)”.

“The Commission is of the view that the above said conduct of the Opposite Party, emanating from its dominant position in the relevant market, prima facie amounts to imposition of unfair terms and conditions on the Informant and other buyers of Villa in Jaypee Greens which is anti-competitive in terms of (the Competition) Act. “Moreover, in some earlier cases against the Jaypee Group, similar clauses were held to be unfair, onerous, one-sided by the Commission in its prima facie orders,” the regulator said.

Read more about Indian share market

Get Daily Prediction & Stocks Tips On Your Mobile