Competition watchdog CCI has dismissed a complaint against Indiabulls Housing Finance and 19 officials, including MD and Chairman, alleging that the firm abused its position through misleading advertisements while offering loans against property at favourable interest rates.
Dismissing the complaint, the regulator in an order on Monday said, "the Commission is of the view that prima facie there is no competition concern arising in the present matter under the provisions of Section 3 and Section 4 of the Act and therefore, the matter is directed to be closed forthwith".
While Section 4 of the Competition Act deals with the abuse of dominant position, Section 3 pertains to anti-competition agreement.
The Competition Commission of India (CCI) observed that the market appears to be competitive with the presence of large number of banks and non-banking financial companies and housing finance firms and thus, dominance of Indiabulls Housing is not established in the relevant market.
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