Securities Appellate Tribunal defers hearing on DLF plea till November 24

MUMBAI: Securities Appellate Tribunal (SAT) today adjourned till November 24 the hearing on realty major DLF's plea against the Rs 86 crore penalty imposed on it by capital markets regulator Sebi.

In one of its biggest penalty in a single case, Sebi in February had slapped fines totalling Rs 86 crore on DLF, its top executives, their family members and various other related entities for fraudulent transactions to mislead IPO investors back in 2007.

Following the Sebi order, DLF and other penalised entities in the case had filed an appeal before the Tribunal challenging the regulator's ruling.

SAT today said it would resume hearing the case on November 24.

Those penalised include DLF chairman K P Singh, his son and vice chairman Rajiv Singh, daughter Pia Singh, as also three "housewives" married to 'key management personnel' of the DLF group.

While DLF and others denied any wrongdoings in its submissions before Sebi, the regulator said they knowingly suppressed material facts and information in the IPO papers.

Meanwhile, the tribunal also adjourned the hearing on Reliance Industries (RIL) appeal challenging Rs 13 crore penalty imposed by Sebi for alleged non-disclosure of a key earnings ratio by the Mukesh Ambani-led conglomerate.

SAT will hear the case on October 28.