The Securities and Exchange Board of India (Sebi) on Monday told the Securities Appellate Tribunal (SAT) that it had received complaints from several investors against real estate major DLF and it had not proceeded only on K K Sinha's complaint. DLF had approached SAT against a Sebi order. Sebi had barred the company, its promoter and key executives from accessing the capital market for three years.

The tribunal has also called for correspondence involving DLF's merchant bankers, auditors and Sebi. The hearing is set to continue on Tuesday.

The Securities Appellate Tribunal on Friday adjourned the hearing of real estate company DLF to Monday.

The company's counsel on Friday pleaded before the tribunal that the market regulator's order be set aside.

IAS officer Ashok Khemka has sought registration of an FIR after an RTI filed by him found that two pages of a file pertaining to the controversial DLF-Robert Vadra deal are missing from government records.

Admitting that the pages were missing, Chief Secretary PK Gupta said an internal inquiry has been instituted in the matter and efforts are on to reconstruct the file

The Securities Appellate Tribunal (SAT) adjourned the hearing of real estate major DLF after arguments were heard in the first session on Thursday.

The appeal is set to continue in the afternoon. The tribunal hears appeals against decisions of the stock market regulator.

Realty firm DLF Limited said it had taken all the required approvals for the development of housing project at Kochi and would take appropriate measures after reading the recent order of Kerala High Court.

The company was reacting to the Decemeber 8 Kerala High Court order directing it to demolish certain portions of its apartment complex, constructed on the banks of Chilavanoor backwaters in Kochi in violation of Coastal Regulation Zone (CRZ) norms.

The Kerala High Court today directed the government to take immediate steps to pull down the parts of the DLF's apartment complex, near Chilavannoor backwaters in Kochi, that was allegedly built in violation of the Coastal Regulation Zone [CRZ] Act.o

The court also ordered to immediately stop any further construction of the apartment complex, which has several huge towers.

The Securities and Exchange Board of India (Sebi) has initiated penalty proceedings against real estate major DLF and its promoters. According to sources, the markets regulator is examining the role of over 40 entities in the matter of inadequate disclosures during the company’s initial public offering (IPO) 2007.

These proceedings are on under the Sebi Act sections pertaining to penalty for fraudulent and unfair trade practices (FUTP) and where there is no provision of a separate penalty.

DLF Thursday deposited Rs.100 crore with the Supreme Court registry - a part of Rs.630 crore penalty imposed on it by the Competition Commission of India for alleged one-sided contracts for flat buyers in Gurgaon.

Senior counsel Harish Salve, while seeking adjournment of the hearing till Friday, told the apex court bench headed by Justice Anil R. Dave that to establish their bonafide, they are depositing Rs.100 crore with the apex court registry.

Real estate company DLF has moved the Supreme Court seeking exemption from paying the balance amount of R580 crore from the R630-crore penalty imposed by competition watchdog CCI for abusing its dominant market position with regard to a residential society in Gurgaon. Instead, it wants to offer land worth R580 crore as security for the balance amount.

DLF, the country’s largest real estate company, plans to launch Real Estate Investment Trusts (Reits) in the next financial year. The aim is to monetise its commercial properties and it is in discussion for partnerships.

Its net debt grew by Rs 817 crore during the second quarter of this financial year to Rs 19,944 crore. It also plans to raise Rs 3,600 crore through an issue of securities backed by commercial assets, to replace costlier debt.

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