DLF moves tribunal against market-watchdog's order

New Delhi, Oct 17 Realty major DLF on Friday moved the securities tribunal against the order passed by the markets watchdog banning it and six of its executives from the capital markets for three years on charges of misleading investors.

A DLF spokesperson told IANS that the Securities Appellate Tribunal (SAT) will hear its appeal against the Securities and Exchange Board of India Oct 22.

Ahead of filing the appeal, DLF had said in a statement that it had done no wrong nor had any law been violated during the initial public offer or otherwise. DLF had raised Rs.9,187 crore through the public offer in 2007.

"DLF and its board were guided by, and acted on, the advice of eminent legal advisors, merchant bankers and audit firms while formulating its Offer documents," the statement had 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."

Those prohibited from the markets include the chairman K.P Singh, his son and vice-chair Rajiv Singh, daughter and whole-time director Pia Singh. Others barred are the managing director, T.C. Goyal, and senior officials Kameshwar Swarup and Ramesh Sanka.