DLF to Challenge SEBI's Ban Order

Published: 18th October 2014 06:00 AM  |   Last Updated: 17th October 2014 11:06 PM   |  A+A-

MUMBAI: DLF Ltd, India’s biggest real estate developer, said it is contesting the order of Securities and Exchange Board of India, which barred the developer and six of its top executives from accessing securities market and prohibited them from buying, selling or dealing in securities directly or indirectly for three years. SEBI’s Appellate Tribunal will begin hearing DLF’s appeal from Oct 22, 2014. In its order, SEBI had accused DLF of unfair trade practices and held it guilty of not disclosing certain facts pertaining to the company. The SEBI bar leaves the real estate company only the option of tapping private equity investors or selling parcels of land to other developers. DLF recently was penalised by the Competition Commission of India, had its appeal rejected at the Supreme Court and has to pay Rs 630 crore. 


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