DLF Appeals Against Sebi Ban; First Hearing on Wednesday
DLF Ltd, India's most heavily indebted property firm, has filed an appeal with the Securities Appellate Tribunal (SAT) against a ban from tapping capital markets for three years, a spokeswoman for the appellate told Reuters.
Market regulator Sebi or Securities and Exchange Board of India on Monday barred DLF and its billionaire chairman Kushal Pal Singh along with five other company executives for failure to provide key information on subsidiaries and pending legal cases at the time of its record-breaking 2007 initial public offering.
A senior DLF executive confirmed the appeal application to the SAT.
The first hearing on the appeal will take place on Wednesday, the SAT spokeswoman said.
Copyright: Thomson Reuters 2014
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