New Delhi: Jaiprakash Associates on Thursday said the Competition Commission of India (CCI) has found that the company is not enjoying a dominant position in the real estate market of Noida and Greater Noida.
By a majority order, fair trade regulator (CCI) has dismissed charges of dominant market position abuse against Jaiprakash Associates in the real estate sector.
Citing CCI’s majority order dated October 26, the company in a filing to the BSE said, “It has been held that the company is not enjoying a position of dominance and as such there was no question of even examining the abusive alleged conduct of the company.”
The relevant market in the matter is development and sale of residential units in their ‘integrated townships’ in Noida and Greater Noida.
According to the majority order passed by the CCI Chairman and two other members, JP group was not a dominant player in the relevant market.
Dissenting with the majority decision, two CCI members had said a penalty of Rs 666 crore should be imposed