Blow to DLF, barred from capital markets for 3 yrs                                                                                    NEW DELHI/MUMBAI: Stock market regulator Sebi cracked down Monday on India’s biggest realty company DLF by barring six top executives, including promoter-chairman KP Singh, from accessing the securities market for three years, choking its options to raise fresh funds.

The move, linked to disclosure lapses in 2007 when DLF went public and listed on exchanges, is the latest in a series of setbacks for the company credited with building Gurgaon as a corporate and residential hub on the barren Aravallis, just outside the Capital.
“I find that a case of active and deliberate suppression of information to mislead and defraud the investors in the securities market in connection with the issue of shares of DLF in its IPO is clearly made out,” Securities and Exchange Board of India’s whole-time member Rajeev Agarwal said, in his 43-page order.

In 2007, DLF went public in a record-breaking initial public offering of ` 9,187 crore, India’s largest at the time.
The real estate giant has faced a number of problems in recent years, including angry lawsuits by customers upset with project delays and political controversies surrounding the company’s alleged links with Robert Vadra, son-in-law of Congress president Sonia Gandhi, whose party lost power earlier this year.
Responding to the order, the company said, “DLF will defend itself to the fullest extent against any adverse findings and measures contained in the order passed by Sebi. DLF has full faith in the judicial process and is confident of vindication of its stand in the near future.”
NAME-RAJ GAURAV
             PGDM 3SEM