Irregularities: Indian property giant DLF to appeal ban

NEW DELHI: India’s biggest property developer DLF, barred for three years from raising money on financial markets over allegations it sought to defraud investors, said it was appealing the ruling. DLF said it had filed an appeal challenging the order by the Securities and Exchange Board of India (SEBI), one of the toughest ever handed down by Indian regulators. The order accused the New Delhi-based company of “deliberate suppression of important information” in a huge initial public offering (IPO) in 2007. Some $1.2 billion was wiped last Tuesday from the family-run company’s market value following the regulator’s decision, and the shares have continued to slide. The company’s stock closed down 28.5% at 104.95 rupees on Friday. The SEBI order, blocks debt-laden DLF, its founder-chairman Kushal Pal Singh and five other people from any dealings in the security markets for three years.

Published in The Express Tribune, October 19^th, 2014.

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