SAT seeks merchant bankers' communications in DLF case

Hearing DLF's appeal against a Sebi order, the Securities Appellate Tribunal (SAT) today sought details of communications exchanged with investment bankers and auditors with regard to the IPO documents filed by the real estate major.
Sebi was asked to submit details with regard to both the IPO prospectus filed by DLF before its public offer in 2007.
Earlier in October, Sebi had barred DLF and its top executives from accessing the capital markets or dealing in securities for three years for alleged disclosure-related lapses in the final IPO papers filed by the company.
The order was challenged before SAT in the same month.

During today's hearing, Sebi also informed SAT that it had received multiple complaints against the company, although it had started its investigations on the direction of the Delhi High Court, which was hearing a case filed by one Kimshuk Sinha.
Sinha had alleged that one of DLF subsidiaries - Sudipti Estates - and certain other persons duped him of Rs 34 crore in a land deal.
SAT will be hearing the case on a daily basis till Wednesday.