According to company sources, DLF is set to challenge the HC order citing that the company got the land parcel in an international competitive bidding process.
In a major blow to real estate firm DLF , the Punjab & Haryana High Court has cancelled the allotment of 350 acre land to the company by the Bhupinder Singh Hooda government in Haryana.
The ruling comes a week after the Supreme Court had ordered DLF to pay Rs 630 crore penalty imposed by the competition watchdog CCI as a pre-condition for hearing the company's appeal.
Also Read: DLF asks ind directors for ways to grow Rs 2K cr rental biz
According to sources, DLF is set to challenge the HC order citing that the company got the land parcel in an international competitive bidding process.
Sources say that the land was initially meant for a recreation park. However, the Haryana government allowed DLF to develop the land for a golf course and residential apartments.
Though it has not got the land yet, but DLF is learnt to have paid instalments for the Rs 1,750-crore bid, sources told CNBC-TV18, adding that the matter is also before the apex court on environment concerns.
DLF stock price
On August 22, 2014, DLF closed at Rs 183.05, down Rs 1, or 0.54 percent. The 52-week high of the share was Rs 242.80 and the 52-week low was Rs 121.00.
The company's trailing 12-month (TTM) EPS was at Rs 2.52 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 72.64. The latest book value of the company is Rs 93.41 per share. At current value, the price-to-book value of the company is 1.96.
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