SAT to hear appeals filed by DLF, executives Dec 10

The Securities Appellate Tribunal (SAT) Tuesday admitted an appeal filed by top executives of realty major DLF Ltd against the capital market regulator's Oct 13 market access ban order.

The tribunal said it would on Dec 10 hear the appeals along with one filed by DLF earlier.

The Securities and Exchange Board of India (SEBI) last month banned DLF and six of its executives, including chairman K.P. Singh, from participating in capital markets for three years for acting to "mislead" investors on the company's public offer.

On Oct 17, DLF filed an appeal against the SEBI order.

Those prohibited from the markets include the chairman's son and DLF vice-chairman Rajiv Singh, and daughter Pia Singh, who is whole-time director. Others barred are managing director T.C. Goyal, former group executive director (legal) Kameshwar Swarup and Ramesh Sanka, managing director of DLF Cybercity Developers Limited.

SEBI in its order had said the executives had violated various regulations, including SEBI's Disclosure and Investor Protection (DIP) Guidelines and the PFUTP (Prevention of Fraudulent and Unfair Trade Practices) norms.

DLF had raised Rs.9,187 crore through the IPO in 2007.

Meanwhile, on Nov 5, the SAT allowed DLF to redeem around Rs.1,806 crore worth of mutual funds till next month.

The SAT gave the interim relief on an appeal filed by DLF.

The tribunal permitted DLF to redeem Rs.767 crore worth of mutual funds in November and Rs.1,039 crore in December.