DLF tumbles 20% as SC issues notice on non-disclosure of key information
.jpg)
DLF shares tumbled 20 per cent to Rs 137.75 apiece, also its fresh 52-week low, in early morning trade on the BSE on Thursday after the Supreme Court (SC) issued the company a notice based on a plea that alleged the company of hiding information on pending cases regarding Haryana land-bank from its shareholders.
According to a report in Business Line, the petition highlighted how DLF had suppressed key information regarding judicial proceedings against the company's largest chunk of land-bank in Haryana. The plea alleges that DLF failed to mention key cases regarding the violation of the Haryana Land Ceiling Act, 1972, where adverse orders were passed by the Punjab and Haryana High Court against the DLF group companies and its admitted subsidiaries, and the matter is pending with the SC.
All this was omitted in the 2019 QIP (qualified institutional placement) prospectus, the petitioner has alleged.
The Bombay Stock Exchange (BSE) has sought a clarification from the company in regard to the report. The company is yet to reply.
On the other hand, DLF has issued a clarification, saying that allegations made in the petition "are not material" and "incorrect". "Will reply to the notice received," CNBC TV18 quoted the company as saying. The complain is about 5-6 acres of land by a company which is not DLF's arm, it added.
Further, BSE has also sought clarification from the company as regards the developments, DLF said in an exchange filing.
Other Latest News
.webp)
Prime Minister Narendra Modi on Monday (local time) held a bilateral meeting with his Italian counterpart, Giorgia Meloni, on the sidelines of the G20 Summit in Brazil. PM Modi stated that their discussions focused on strengthening ties in defence, security, trade, and technology. He remarked, "India-Italy friendship can greatly contribute to a better planet."
.webp)
The Andhra Pradesh government has repealed the two-child norm for candidates contesting local body elections. The state assembly on Monday passed the AP Panchayat Raj (Amendment) Bill, 2024, and the AP Municipal Laws (Amendment) Bill, 2024, effectively removing the decades-old restriction, reported NDTV.
The two-child policy was introduced in May 1994, mandating that candidates seeking election to Gram Panchayats, Mandal Praja Parishads, and Zilla Parishads should not have more than two children.
.webp)
Police have registered a case against four unidentified persons on charges of attempt to murder after NCP (SP) leader and former Maharashtra home minister Anil Deshmukh was seriously injured in stone pelting at his car in Nagpur, officials said on Tuesday.
The incident took place at around 8 pm on Monday and Deshmukh was later admitted to a private hospital in Nagpur.
.webp)
Amid alarmingly high pollution levels in Delhi, Environment Minister Gopal Rai on Tuesday urged the Centre to convene an emergency meeting to tackle the issue and said it is the moral responsibility of Prime Minister Narendra Modi to intervene in the matter.
Addressing a press conference, Rai said the Centre has not acted on the Delhi government's repeated requests to allow artificial rain in the national capital and he will again write to Union Environment Minister Bhupender Yadav.
.webp)
The Enforcement Directorate (ED) has uncovered "direct links" between e-commerce giants Amazon and Flipkart and their preferred sellers, The Economic Times reported on Tuesday. The central probe agency is investigating alleged violations of foreign investment laws by the companies.
According to the report, the ED quizzed the “top” five sellers of both firms and found that many of these sellers are either former employees or relatives of former associates of Amazon and Flipkart.
.webp)
.webp)
.webp)
.webp)
.webp)
