Real estate major DLF is asking its shareholders permission to set up a special pension scheme for its directors. The company said that while it is allowed to set up pension schemes for its employees in general, it wants to set up a specific limited pension scheme targeted at its directors who are retiring.
DLF took yet another step forward in divesting its non-core assets. The real estate major is selling a large part of its wind energy business to a clean energy start-up Bharat Light & Power (BLP). Its wind energy division can generate up to 227 megawatts of wind energy through installations in 4 Indian states. Revenue from wind energy generation in 2011-12 was Rs 107.6 crore compared to total revenue of Rs 3,447 crore in its standalone financials.
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The Competition Commission of India has imposed a penalty of Rs 630 crore on real estate developer DLF, for abusing its dominant position.
The commission said that DLF had a dominant position in the market for high-end residential properties in Gurgaon, and it imposed unfair conditions on consumers who had booked flats in these properties.
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Multiplex company PVR has called an extraordinary general meeting to issue shares on a preferential basis to DT Cinemas, a subsidiary of real estate major DLF. It is separately seeking approval for issuing shares to Major Cineplex Group Public Company, a Thailand-based multiplex operator.