DLF moves SAT against Sebi order

DLF Limited India’s largest real estate developer, has filed an appeal with the Securities Appellate Tribunal (SAT) against a ban from tapping the capital market for three years. “Copies of the appeal were served on the Securities and Exchange Board of India on Friday and upon mentioning the Sebi, Appellate Tribunal has fixed the hearing of the appeal on Wednesday, October 22,” DLF said in a stock exchange filing. DLF shares rose marginally to by 0.32% to Rs 110.70 on the BSE on Friday. Sebi had on Monday barred DLF and its Chairman KP Singh along with five other company executives for failure to provide key information on subsidiaries and pending legal cases at the time of its 2007 initial public offering. On Tuesday, DLF shares had plunged by nearly 29%, eroding the market value by about Rs 7,5000000000. Besides K P Singh, those barred from the markets include his son Rajiv Singh (vice chairman), daughter Pia Singh (whole time director), managing director TC Goyal, former CFO Ramesh Sanka and Kameshwar Swarup, who was executive director-legal at the time of the company’s public offer in 2007. DLF had earlier this week said it has not violated any laws and it would defend its position against any adverse findings in the Sebi order. “DLF has full faith in the judicial process and is confident of vindication of its stand in the near future,” a DLF statement had said.