SAT admits DLF promoters' plea against Sebi order

The Securities Appellate Tribunal (SAT) on Tuesday admitted the plea of DLF promoters against the Securities and Exchange Board of India (Sebi) order that had barred the real estate major and six other entities from accessing capital markets.

DLF promoters including KP Singh, his children – Pia Singh and Rajiv Singh and two other key management personnel - DLF Managing Director T C Goyal and former MD Ramesh Sanka had approached SAT earlier this month for relief against the Sebi order.

Sebi in an order dated October 13 had passed a prohibitory order against the company and six other entities for active and deliberate suppression of material information to mislead and defraud securities market investors in connection with the issue of DLF shares in its IPO.

SAT earlier this month had given interim relief to the company in a separate appeal filed by DLF and allowed it to redeem mutual fund investments worth Rs 1,806 crore to service loans of self and subsidiaries.

DLF Ltd

Securities and Exchange Board of India ( SEBI )