Pertaining to disclosure for utilisation of IPO proceeds filed in 2007
DLF announced that the Adjudicating Officer (AO), SEBI has passed an order dated 31 May, 2018 imposing a penalty of Rs.10 lakh under Section 23H of Securities Contracts (Regulation) Act, 1956 on a disclosure issue pertaining to utilisation of IPO proceeds made by the Company in its quarterly filing for 30 September 2007.The Company had represented that the said disclosure was true in all material aspects, except for the fact that the utilisation from two sources were inadvertently clubbed together (IPO sources and non-IPO sources). It was further represented that the said discrepancy was unintentional, benign and venial in nature, made more than 10 years back.
The Company is reviewing the AO's Order and seeking appropriate legal advice.
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