The Securities and Exchange Board of India (SEBI), on Thursday, penalised the real estate major, DLF, and other connected entities by levying a penalty of Rs.86 crore for violating capital market regulations by engaging in fraudulent and unfair trade practices. SEBI penalised DLF Rs.26 crore and other top officials including, K.P. Singh, Rajiv Singh and Pia Singh, another Rs.26 crore. Further, SEBI fined another related 35 entities, including individuals, Rs.34 crore. The case is pertaining to the irregularities and non-disclosure violations related to its 2007 initial public offering (IPO).
PTI reports:
To contest order DLF said it did not violate any law and it will challenge the SEBI order. DLF further said that the company and its board were guided by and acted on the advise of “eminent legal advisors, merchant bankers and audit firms” while formulating its IPO documents. “We are presently reviewing the said orders and after taking appropriate legal advice, we will challenge the said Orders in appeal,” DLF said in a statement.
