Securities Appellate Tribunal (SAT) has quashed a Securities and Exchange Board of India (SEBI) order against DLF, lifting a capital markets ban on the company’s promoters and related entities. The case relates to alleged non-disclosure of information by the company during its IPO in 2007, which had garnered about Rs 9,000 crore. Earlier in October 2014, SEBI had banned DLF and its key officials from accessing the capital markets for three years.
This verdict will boost DLF in its struggle to reduce its net debt, which stood at $3.3 billion at the end of December. However, the ruling comes as a blow to SEBI which has stepped up its efforts to curb market manipulation and has called for better disclosures by listed companies.
DLF is one of India’s largest real estate companies that has over 60 years of track record of sustained growth, customer satisfaction, and innovation.
DLF is currently trading at Rs. 164.80, up by 7.30 points or 4.63% from its previous closing of Rs. 157.50 on the BSE.
This verdict will boost DLF in its struggle to reduce its net debt, which stood at $3.3 billion at the end of December. However, the ruling comes as a blow to SEBI which has stepped up its efforts to curb market manipulation and has called for better disclosures by listed companies.
DLF is one of India’s largest real estate companies that has over 60 years of track record of sustained growth, customer satisfaction, and innovation.
DLF is currently trading at Rs. 164.80, up by 7.30 points or 4.63% from its previous closing of Rs. 157.50 on the BSE.
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