DLF seeks interim relief from Sebi ban
SAT sought response from the capital markets regulator SEBI on DLF's plea for an interim relief
Oct 24, 2014
Source : The Times of India
DLF

 

MUMBAI: Barred by Sebi from accessing capital markets, realty giant DLF on Thursday sought interim relief from Securities Appellate Tribunal (SAT) to allow it to redeem funds locked in mutual funds and other instruments.

After hearing the petition filed by India's largest realty developer last week against the ban, SAT Presiding Officer J P Devadhar adjourned the matter to October 30, and sought response from the capital markets regulator on DLF's plea for an interim relief.

Pleading for relief, the Delhi-based realtor said it needs to redeem funds, including around Rs 2,000 crore locked in mutual funds as also through redemption of some bonds worth thousands of crores, but the Sebi has restrained it and six others including top executives from tapping capital markets for three years.

DLF had received shareholders approval last month to raise up to Rs 5,000 crore through non-convertible debentures. The full SAT Bench headed by Devadhar and comprising members Jog Singh and A S Lamba, wanted response from Sebi by this afternoon itself to consider any interim relief. However, the regulator's counsel Jamshed Cama said his client's offices are closed for Diwali holidays.

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