SAT adjourns hearing on DLF plea against Sebi to Dec 18

The Securities Appellate Tribunal, which has started the final hearing on DLF's petition challenging a Sebi order that banned the company and six senior executives from accessing capital market for three years, today adjourned the proceedings to December 18.
The case relates to an October 13 Sebi order that banned DLF, its chairman K P Singh and five other officials with regard to alleged non-disclosure in the 2007 IPO filing.
Senior counsel Janak Dwarkadas, appearing for DLF, today defended the non-disclosure of the subsidiaries saying these entities had no real assets, and setting up subsidiaries is a general practise in the real estate business.

Sebi counsel Rafique Dada was present, but as DLF's argument is not over, SAT did not hear him today.
The tribunal had yesterday dismissed an intervention petition by Kimsuk Krishna Sinha, the original complainant in the case, seeking to be made party to the appeal.
Early last month, the tribunal had allowed redemption of Rs 1,806 crore from DLF's mutual funds as AMCs declined to allow redemption citing the Sebi order which barred dealing in all securities.
Sinha had alleged in his petition before the Delhi High Court that one of the DLF subsidiaries -- Sudipti Estates -- and others duped him of Rs 34 crore in a land deal.

High Court gave an order in his favour, and asked Sebi to probe the allegations against the company. Sebi found that DLF had not disclosed about this dispute when it came out with its Rs 9,187-crore IPO in 2007 and misrepresented the status of some its units.