 "Sebi order: SAT clubs KP Singh, others' petitions with main DLF case")
Mumbai: The Securities Appellate Tribunal(SAT) today bundled the petitions from DLF promoter-chairman KP Singh and four others with the main petition that the realtymajor has filed with the quasi judicial body on 22 October andput off the hearing on the matter to 10 December.
DLF chairman K P Singh, his son and vice-chairman RajivSingh, younger daughter and whole-time director at DLF PiaSingh, company directors T C Goyal and Ramesh Sanka hadearlier moved the tribunal challenging the 10 October Sebi banon them.
Market regulator Sebi had banned the company and six of its senior officials including the Chairman from accessing the capital markets for three years for alleged non-disclosure of three of its hundreds of subsidiaries in the 2007 IPO filing.
Admitting their petitions, the quasi-judicial body SAT directed Sebi to submit respond to these new bunch of petitions on 6 December and directed the petitioners to file their rejoinders on the 8th, and fixed 10 December for hearing on their petitions along with the main case.
On 5 November, the tribunal had allowed DLF to redeem Rs 1,806 crore from its mutual fund investments to meets its working capital requirement and to service its debt, till 31 December.
DLF had sought permission to redeem money locked in MFs after being slapped with the three-year ban by Sebi.
The final hearing in DLF’s main appeal against the order would commence on 10 December, prior to which Sebi and the company will have to file their replies with the SAT.
As an interim measure, SAT has allowed the company to redeem mutual funds worth Rs 767 crore in November and further funds worth Rs 1,039 crore in December.
PTI