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SAT quashes monetary penalty of Rs 860 mn by Sebi on DLF, top officials

Sebi had said DLF suppressed the material information in the prospectus it had issued before its public issue in 2007

Shrimi Choudhary  |  Mumbai 

DLF

The (SAT) set aside the monetary penalty imposed in 2014 on real estate giant DLF, on the latter’s chairman, Kushal Pal Singh, and some of its subsidiary entities. The order was imposed by the (Sebi), the total penalty being Rs 860 million on the company and seven of its top officials.

“The tribunal by a majority decision set aside the order passed by the whole time member of Sebi by holding that the appellants have not violated the and the regulations framed thereunder,” presiding officer J P Devadhar said in the order.

Sebi had also banned and seven others from accessing the for three years; had overturned this in 2015. Sebi appealed against this to the Supreme Court, where the outcome is yet to be decided.

Sebi had said suppressed the material information in the prospectus it had issued before its public issue in 2007. The company’s first draft prospectus was filed in May 2006 and contained information about the three subsidiaries—Sudipti, Shalika, and

In a separate order, Sebi had imposed penalties on Estates and 33 other entities, including Home Developers, DLF Retail Developers, and

First Published: Thu, April 26 2018. 01:49 IST
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