SEBI bars DLF & six top executives from securities markets for 3 years The Securities and Exchange Board of India (SEBI) on Monday barred DLF, its Chairman KP Singh and Vice Chairman Rajiv Singh, among others, from securities markets for 3 years. The regulator also barred TC Goyal, MD of DLF from accessing markets for 3 years, said ET Now. The order against DLF and six top executives is related to lapses in disclosures made at time of IPO in 2007. DLF had raised about Rs 9,000 crore through its IPO in 2007, but failed to disclose in its final issue prospectus the name of an associate company against which a criminal case of fraud was filed, a Sebi official had told ET last year. A Delhi-based businessman, Kimsuk Krishna Sinha, had alleged that the KP Singh-controlled company had intentionally made a false statement that it had no association with Sudipti Estates, which is fighting a criminal case. DLF had mentioned Sudipti Estates as an associate in the draft red herring prospectus filed in May 2006 for the IPO. But in a later filing in early 2007, DLF did not mention Sudipti Estates as an associate. Source: The Economic Times
Posted on: Mon, 13 Oct 2014 11:09:26 +0000
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