DLF contests Sebi order in SAT

SAT will hear the appeal by DLF on Wednesday

Realty major DLF has approached the Securities Appellate Tribunal (SAT) against an order of the Securities and Exchange Board of India (Sebi), by which it was barred from accessing capital markets for three years.

The tribunal has listed the matter for Wednesday, when it will decide on admissibility of the plea. Earlier this week, Sebi had barred DLF and six other related entities from accessing the securities market for violations of disclosure and investor protection (DIP) guidelines and for fraudulent trade practices during its Rs 9,000 crore initial public offering (IPO) in 2007. The company had dismissed the charges. During Sebi's quasi-judicial proceedings, DLF had cited that the regulator did not allow the company to examine the correspondence between the merchant bankers of the IPO and Sebi, which had impaired the ability of the company to defend its position completely.

“DLF and its board were guided by and acted on the advice of eminent legal advisors, merchant bankers and audit firms while formulating its offer documents,” a DLF spokesperson had said earlier.