New Delhi: Responding to the penalty imposed by the Securities and Exchange Board of India (Sebi), DLF on Thursday said, "We have been made aware of adjudication orders passed by Sebi under section 15 of the Sebi Act, 1992, against DLF, its directors and other noticees. We are reviewing the orders and after taking appropriate legal advice; we will challenge the orders in an appeal. On similar facts, Sebi had passed an order dated October 10, 2014, inter alia under section 11 of the Sebi Act, 1992, against DLF and its directors, which was challenged by the company before the Securities Appellate Tribunal."
The company sought to reassure its investors and all stakeholders that it hadn't acted in contravention of law. It said while formulating its offer documents, it had acted on the advice of eminent legal advisors, merchant bankers and audit firms. It said it would defend itself against any adverse findings and measures in the Sebi order.