New Delhi : DLF filed an appeal before Securities Appellate Tribunal (SAT) against capital market watchdog Sebi’s order slapping Rs 26 crore penalty on it for indulging in “fraudulent and unfair trade practices”.
In the biggest-ever penalty in a single case, Sebi, in February, had imposed penalties on DLF, its top executives, their family members and various other related entities for entering into “sham transactions”.
The violations were found with regard to suppressing key information at the time of the realty major’s IPO in 2007. DLF said in a regulatory filing that it has filed an appeal before SAT against the order.
Apart from DLF, its chairman K P Singh, his son and Vice Chairman Rajiv Singh, daughter Pia Singh, as also three “housewives” married to ‘key management personnel’ of the DLF group were also penalised for “fraudulent and unfair trade practices”.
