SAT allows DLF to redeem MFs

SAT allows DLF to redeem MFs

In a major relief to realty major DLF, the Securities Appellate Tribunal (SAT) allowed the company to redeem mutual fund investments to the tune of over Rs 1800 crore.

DLF had appealed Sebi ruling last month which barred the company and some of its executives from accessing capital markets for a period of three years due to some disclosure violations during the time of its initial public offering.

The next hearing in SAT is expected to resume on December 10. In its hearing last week, SAT had asked DLF to file an affidavit which specifies the purpose for which it will use the proceeds of the redemption of mutual fund investments and also the exact amount that the company plans to redeem via mutual funds.

In its first hearing after a plea by DLF, SAT had asked Sebi to decide quickly whether DLF can redeem the mutual fund investments.

DLF had filed the plea with SAT as asset management companies had refused the real estate company from redeeming the mutual funds due to the Sebi order.

Sebi, in an order dated October 10, had barred DLF, chairman KP Singh and many other company officials from markets for 3 years.

Rajiv Singh, TC Goyal, Pia Singh, Kameshwar Swarup and Ramesh Sanka were the other officials who were barred from buying, selling or otherwise dealing in securities, directly or indirectly, in any manner, whatsoever, for the period of three years.

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