In its biggest-ever penalty, Sebi today imposed fines of Rs 52 crore on realty giant DLF and seven others, including Chairman K P Singh, for "fraudulent and unfair trade practices", while penalties totalling Rs 34 crore were slapped on 33 related entities.
These orders come after Sebi in October last year barred DLF and its six top executives from markets for three years for suppressing key information at the time of its IPO in 2007, including about certain "sham transactions" involving an associate company named Sudipti Estates.
While the earlier order did not involve any monetary penalties and has been challenged before the Securities Appellate Tribunal, the regulator today passed two fresh orders, for related irregularities, to impose penalties totaling Rs 86 crore on as many as 41 entities.
Proceedings against one person have been abated because of his death.
As per the first order running into 53 pages, DLF has been asked to pay a fine of Rs 26 crore, while a similar amount has to be paid collectively by seven persons -- Chairman K P Singh, his son and Vice Chairman Rajiv Singh, daughter Pia Singh, T C Goyal, Ramesh Sanka, G S Talwar and Kameshwar Swarup.
This itself is the biggest ever penalty imposed by Sebi in a single case, barring the amount asked by the regulator in its 'disgorgement' or refund orders in which cases the concerned entities are asked to return the money illegally raised by them.
In the second 55-page order, Sudipti Estates has been asked to cough up Rs 1 crore, its two directors have been fined Rs 3 crore, while fines ranging from Rs 1 crore to Rs
5 crore have been imposed on 19 other entities. The fines are between Rs 5 lakh and Rs 15 lakh for others.
The fines need to be paid within 45 days, as per orders issued by the Securities and Exchange Board of India (Sebi). DLF had raised Rs 9,187 crore in its IPO, the biggest ever till that time. Sebi had began a investigation after allegations were levelled by one Kimsuk Krishna Sinha about DLF and Sudipti Estates Limited (Sudipti), wherein he had alleged that Sudipti had duped him of Rs 34 crore in relation to a transaction between them for purchase of land, and he had registered an FIR against Sudipti.
It was also stated by Sinha in the said complaints that Sudipti, DLF Housing Development Limited and DLF Estate Development Limited were sister concerns and inextricably linked and all of them were part of DLF Group, as per Sebi order.
However, realty major today said it did not violate any law and it will challenge the Sebi order. DLF further said that the company and its board were guided by and acted on the advise of "eminent legal advisors, merchant bankers and audit firms" while formulating its IPO documents.
The orders passed by Sebi can be challenged before the Securities Appellate Tribunal, which is already hearing a plea by DLF against another order passed by the capital markets regulator in October 2014.
The earlier order is also related to the same case, wherein Sebi had barred DLF and six others from capital markets for three years for "suppression of material facts" inits IPO documents.
"We have been made aware of adjudication orders passed by SEBI under Section 15 of the SEBI Act, 1992 against DLF, its directors and other noticees. We are presently reviewing the said Orders and after taking appropriate legal advice, we will challenge the said Orders in appeal," DLF said in a statement about today's orders.
Reassuring investors and all other stakeholders, DLF said "it has not acted in contravention of law either during its initial public offer or otherwise".
"DLF will defend itself to the fullest extent against any adverse findings and measures contained in the orders passed by SEBI. DLF has full faith in the judicial process and is confident of vindication of its stand in the near future," the company said.
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