SAT adjourns DLF's appeal against Sebi penalty

Sebi told to file a reply in six weeks, DLF asked to file a rejoinder; meanwhile, Tribunal imposes stay on penalty

Realty major DLF’s appeal against the Securities and Exchange Board of India’s (Sebi) penalty order has been adjourned to July 9 by the Securities Appellate Tribunal (SAT).  The order, imposing a penalty of Rs 86 crore, was passed by Sebi in February. SAT directed Sebi to file a reply within six weeks and for DLF to file a rejoinder to this, if any.

Meantime, SAT has stayed the penalty. In October last year, Sebi passed an order against DLF for non-disclosure of key information in its initial public offer (IPO) document of 2007. The company had raised around Rs 9,000 crore in what was the biggest-ever IPO then.
 

Sebi had barred DLF and six of its senior officials from accessing capital markets for a period of three years in order, which got set aside by SAT last month, While the case was being heard, Sebi passed another order, levying a penalty of Rs 86 crore on DLF and the related entities.