SAT adjourns DLF plea hearing till October 30

MUMBAI: Hit hard by a Sebi order barring it from capital markets, realty giant DLF on Wednesday appealed for an interim relief from the Securities Appellate Tribunal (SAT) to allow it to redeem thousands of crores worth funds locked in mutual funds and other securities.

After hearing the petition, filed by the country’s largest real estate developer last week, the tribunal adjourned the matter till October 30 next week, as it sought a response from capital markets regulator Sebi on DLF’s plea for an interim relief.

Seeking an interim relief, DLF said that it needs to redeem funds, including around Rs 2,000 crore locked in mutual funds as also through redemption of certain bonds worth further thousands of crores of rupees, but the Sebi order has restrained its position to access capital.

Last month itself, DLF had received share holdes’ approval to raise up to Rs 5,000 crore through non-convertible debentures (NCDs).

An intervention petition was also filed at SAT by Kimsuk Sinha, on whose complaint the Delhi High Court had directed Sebi to probe the case. However, Sinha’s plea was opposed vehemently by DLF counsel and the petition was not admitted.

Earlier this month, Sebi barred DLF and six others from capital markets for three years for “active and deliberate suppression” of material information at the time of its IPO over seven years ago