SAT clubs K P Singh, others' petitions with main DLF case

Final hearing in DLF's main appeal against Sebi order to start on Dec 10, prior to which Sebi and the company will have to file their replies with SAT

The Securities Appellate Tribunal (SAT) today bundled the petitions from DLF promoter-chairman K P Singh and four others with the main petition that the realty major has filed with the quasi judicial body on October 22 and put off the hearing on the matter to December 10.

DLF chairman K P Singh, his son and vice-chairman Rajiv Singh, younger daughter and whole-time director at DLF Pia Singh, company directors T C Goyal and Ramesh Sanka had earlier moved the tribunal challenging the October 10 Sebi ban on them.

Market regulator Sebi had banned the company and six of its senior officials including the Chairman from accessing the capital markets for three years for alleged non-disclosure of three of its hundreds of subsidiaries in the 2007 IPO filing.

Admitting their petitions, the quasi-judicial body SAT directed Sebi to submit respond to these new bunch of petitions on December 6 and directed the petitioners to file their rejoinders on the 8th, and fixed December 10 for hearing on their petitions along with the main case.

On November 5, the tribunal had allowed DLF to redeem Rs 1,806 crore from its mutual fund investments to meets its working capital requirement and to service its debt, till December 31.

DLF had sought permission to redeem money locked in mutual funds after being slapped with the three-year ban by Sebi.

The final hearing in DLF's main appeal against the order would commence on December 10, prior to which Sebi and the company will have to file their replies with the SAT.

As an interim measure, SAT has allowed the company to redeem mutual funds worth Rs 767 crore in November and further funds worth Rs 1,039 crore in December.