NEW DELHI: Securities and Exchange Board of India (Sebi) on Friday approached the Supreme Court seeking its direction for a three-year market ban on real estate giant DLF and its six top officials, including chairman K P Singh and his children Rajiv Singh and Pia Singh.

Agreeing to hear Sebi's plea, a bench of Justices J Chelameswar and R K Agrawal issued notice to DLF and its promoters. The market regulator had approached the court challenging a Securities Appellate Tribunal (SAT) order which had quashed its order to bar DLF and its promoters from the market.

The Bombay Stock Exchange has said that the real estate giant DLF will remain in Group A category, comprising top 300 companies.

The exchange, earlier this week, said that DLF would move out from Group A to Group B category from next month.

The Securities and Exchange Board of India (Sebi) has moved the Supreme Court, challenging a tribunal order in the matter of disclosure norm violations by real estate major DLF. The regulator filed its appeal last week and has sought an early hearing, according to two people in the know.

The appeal contests several grounds of the Securities Appellate Tribunal (SAT) order. "One of the observations in the SAT order was that clearance of the Sebi board was not taken before initiating investigation proceedings. On this, the appeal has said the investigation was directed by the Delhi high court in 2011," one of them said.

Rating agency CRISIL has assigned 'Negative' outlook to real estate major DLF Ltd's long-term loans and debt instruments on account significantly high debt level, weak operating cash flows.

The outlook also factors in residual uncertainty over regulatory issues. However, rating agency has removed ratings on instruments from 'Watch with Negative Implications'. It reaffirmed the ratings at 'A'.

In the latest sign of the crisis facing real estate companies, Gurgaon-based DLF has launched a mega discount sale of its properties, believed to be its largest so far, in cities across the country to drum up interest.

The company is offering discounts in 16 projects across Delhi, Bengaluru, Chennai, Kochi, Lucknow, Panchkula, Bhubaneswar, Kasauli and New Chandigarh as part of its DLF Spring Festival that will end on March 31.

Quashing of the Securities and Exchange Board of India (Sebi)'s order against DLF, which banned the property giant from accessing the capital market, has opened new avenues for raising funds and reducing of its debt.

With the ban applicable from October 13, 2014, and now reduced to six months, the company will be able to access the markets shortly, in about a month. Analysts at Axis Capital say over the next two years, DLF's balance sheet could be strengthened considerably through equity raising, monetisation of commercial assets (REIT or real estate investment trust listing), issuance of commercial mortgage-backed securities and stake sale in select projects.

MUMBAI: In a major relief for DLF, the Securities Appellate Tribunal on Friday quashed a Sebi order against the realty giant that had barred the company and its six top executives from capital markets for three years.

Soon after the tribunal pronounced its order, the shares of DLF soared higher by about 8 per cent. The stock was trading 7.75 per cent up at Rs 160.5 at the BSE in early afternoon trade.

The CBI on Thursday night arrested a Mumbai-based chartered accountant and two government officials for allegedly selling confidential documents related to foreign investment policy to corporate groups after it carried out searches in offices of Finance and Commerce Ministries here and in Mumbai.

CBI’s action came after registering a case of criminal conspiracy, theft under IPC and misuse of official position under the provisions of the Prevention of Corruption Act against Chartered Accountant Khemchand Gandhi, Under Secretary in Department of Disinvestment and Grievances Ashok Kumar Singh and Section Officer in the Department of Economic Affairs Lala Ram Sharma.

NEW DELHI: With e-commerce business growing in India, realty major DLF has tied-up with online market place Snapdeal to sell its apartments and would offer 1 per cent discount to potential home buyers.

DLF will offer on Snapdeal about 50 flats in eight housing projects across the country in a price range of Rs 34 lakh to Rs 3 crore.

RBI's surprise rate cut, much before its next month's meeting, means good news for infra, realty as well as high-debt companies.

Banks had not cut their base rates after the RBI cut the repo rate by 25 basis points on Jan 15. The gains, however, which typically come with a lag should start reflecting soon.

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