Barred by the Securities and Exchange Board of India from accessing capital markets, realty giant DLF has sought interim relief from the Securities Appellate Tribunal (SAT) to allow it to redeem funds locked in mutual funds and other instruments.
After hearing the petition filed by the realty developer against the ban, SAT Presiding Officer J. P. Devadhar adjourned the matter to October 30, and sought response from the capital markets regulator on DLF’s plea for an interim relief.
Pleading for relief, the Delhi-based realtor said it needed to redeem funds, including around Rs.2,000 crore locked in mutual funds as also through redemption of some bonds worth thousands of crores, but SEBI had restrained it and six others, including top executives, from tapping capital markets for three years.
ADVERTISEMENT