February 26, 2015 8:15 PM

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DLF IPO disclosure case: SEBI imposes Rs 85-cr penalties

SEBI today imposed fines of 52 crore rupees on realty giant DLF and seven others, including Chairman K P Singh, for fraudulent and unfair trade practices. DLF has been asked to pay a fine of 26 crore rupees, while a similar amount has to be paid collectively by seven persons. This is the biggest ever penalty imposed by SEBI in a single case. In another order, SEBI also imposed penalties of 33 crore rupees on other related entities. These orders come after SEBI in October last year barred DLF and its six top executives from markets for three years for suppressing key information at the time of its IPO in 2007. While the earlier order did not involve any monetary penalties and has been challenged before the Securities Appellate Tribunal, the regulator today passed two fresh orders, for related irregularities, to impose penalties totalling 85 crore rupees on as many as 41 entities. Proceedings against one person has been abated because of his death.

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