DLF IPO News

It added that it had not acted in contravention of law either during its initial public offer or otherwise.

In the biggest-ever penalty in a single case, SEBI Thursday slapped fines totalling Rs 86 crore on realty giant DLF, its top executives, their family members and various other related entities for entering into "sham transactions" to mislead IPO investors about eight years ago.

Justice S J Mukhopadhyaya, heading the bench, said he was due to retire on March 14 and it would not be possible for him to wind up the hearing and deliver the judgement in the case.

Hearing DLF's appeal against a SEBI order, the Securities Appellate Tribunal (SAT) Monday sought details of communications exchanged with investment bankers and auditors with regard to the IPO documents filed by the real estate major.

Following the Sebi's order, the company moved to SAT, which last week sought Sebi's reply on DLF's plea for an interim relief.

With a sharp fall of over 28 percent in DLF stock yesterday, its promoters who hold 74.91 percent stake in the company became poorer by Rs 5,578 crore.

The case, in which SEBI has imposed a three-year ban, relates to non-disclosure of these transactions and the related risks when DLF raised Rs 9,187.5 crore through an IPO, the largest in the country at that time.