In a major interim relief to DLF, the Securities Appellate Tribunal (SAT) today allowed the real estate company to redeem mutual funds worth Rs 1,806 crore to meet working capital needs and service debt payments. DLF had sought permission to redeem money locked in mutual funds after being slapped with market regulator Sebi's ban last month that bars it from accessing the capital market for 3 years.The final hearing in DLF's main appeal against the Sebi order would commence on December 10, prior to which Sebi and the company will have to file their replies with SAT. A three-member SAT bench said Sebi order did not ban DLF from continuing its business, but only barred it from accessing the capital markets for three years
News On AIR | November 5, 2014 8:28 PM
SAT allows DLF to redeem Rs.1,806 crore mutual funds