DLF moves Delhi High Court against SEBI order

DLF Limited has moved the Delhi High Court challenging the order of market regulator SEBI to probe accusations by a Delhi-based businessman that he was duped of Rs.340000000 by the realty major and its alleged associate firm Sudipti Estates. Justice Vipin Sanghi has now fixed the petition of DLF Limited for hearing on November 22 as former Attorney General Soli J Sorabji, appearing for the firm, could not advance his arguments on November 18. DLF, in its petition, has sought quashing of SEBI's earlier order, issued on October 20, for investigation into the allegations of complainant Kimsuk Krishna Sinha in 2007 against it and Sudipti Estates. The construction major said SEBI's order was passed “erroneously and in blatant non-compliance with the principle of natural justice”. “Respondent-1 (SEBI) passed the impugned order directing investigation into the affairs of the petitioner (DLF) relying not on complaints of Respondent-2 (Sinha) but on various extraneous materials which were not available to the petitioner acting contrary to the jurisdictional mandate set in the order on July 21, 2011,” DLF said. - PTI