SAT rejects K Sinha's plea seeking to join case against DLF

MUMBAI: In the high-profile DLF-Sebi case over disclosures required to be made in IPO papers, the Securities Appellate Tribunal ( SAT) today rejected a plea to include as a party Kimshuk Sinha, on whose complaint Sebi was initially asked by a High Court to probe the matter.

On October 14, Sebi had banned DLF, its chairman K P Singh and five senior officials from the securities market for three years with regard to alleged non-disclosure of three of its hundreds of subsidiaries in the 2007 IPO filing.

Earlier, on Sinha's complaint, the Delhi High Court had asked Sebi to take action against DLF. Now, the company has challenged Sebi's action before SAT.

SAT Presiding Officer J P Devadhar, while rejecting Sinha's plea to join the case as a party, said a reasoned order would be given later.

SAT also gave Sinha four weeks to file an appeal. Sinha had dragged DLF to Delhi High Court for allegedly cheating him to the tune of Rs 34 crore in a property deal. He had sold his Gurgaon land to the realty major.

The High Court, while upholding Sinha's case, also asked Sebi to probe the irregularities in the IPO.