Sebi moves SC to bar DLF and promoters from market
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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.
In its order on October 10 last year, Sebi had barred DLF and six others from the capital markets for three years, alleging "active and deliberate suppression of material facts" during its over Rs 9,000 crore IPO in 2007.
However, SAT quashed the Sebi order by a majority verdict. SAT presiding officer J P Devadhar had passed a separate order reducing the ban from three years to six months.
DLF had undergone five months of debarment before SAT quashed the Sebi order.
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