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Home >Companies >News >DLF executives file appeal in SAT against Sebi’s capital market ban

Mumbai: Top executives of DLF Ltd on Tuesday filed an appeal in the Securities Appellate Tribunal (SAT) against a 13 October order passed by the Securities an Exchange Board of India (Sebi) barring them from accessing the capital market for three years.

The property developer had filed a similar appeal against the markets regulator’s order on 17 October, seeking relief from the Sebi order against DLF and seven of its executives.

The tribunal has agreed to hear the appeals filed by DLF’s chairman K.P. Singh and executives Ramesh Sanka, Pia Singh, Rajiv Singh and T.C. Goyal along with the appeal filed by the company on 10 December.

Sebi passed the order after finding DLF and its executives guilty of concealing material information while selling shares to public in 2007. The initial public offering (IPO) raised at least 9,187.5 crore in what was the largest IPO till then.

Sebi alleged DLF’s draft red-herring prospectus did not disclose vital information about certain related-party transactions between DLF and its subsidiaries and a first information report filed against the group by an individual over a 2006 land deal. Earlier this month, SAT allowed DLF to redeem its mutual fund investments of 1,806 crore to service its loans till 31 December.

SAT has also asked DLF to submit an auditor certificate to certify the reason for redemption of its mutual fund holdings.

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