SAT rejects Sinha’s plea seeking to join case against DLF
11 Dec 2014 12:18 AM GMT
In a high-profile DLF-Sebi case over disclosures required to be made in IPO papers, the Securities Appellate Tribunal (SAT) on Wednesday rejected a plea to include as a party Kimshuk Sinha, on whose complaint Sebi was initially asked by a High Court to probe the matter.
On October 14, Sebi had banned DLF, its chairman K P Singh and five senior officials from the securities market for three years with regard to alleged non-disclosure of three of its hundreds of subsidiaries in the 2007 IPO filing. Earlier, on Sinha's complaint, the Delhi High Court had asked Sebi to take action against DLF. Now, the company has challenged Sebi's action before SAT.
SAT Presiding Officer J P Devadhar, while rejecting Sinha's plea to join the case as a party, said a reasoned order would be given later.
On October 14, Sebi had banned DLF, its chairman K P Singh and five senior officials from the securities market for three years with regard to alleged non-disclosure of three of its hundreds of subsidiaries in the 2007 IPO filing. Earlier, on Sinha's complaint, the Delhi High Court had asked Sebi to take action against DLF. Now, the company has challenged Sebi's action before SAT.
SAT Presiding Officer J P Devadhar, while rejecting Sinha's plea to join the case as a party, said a reasoned order would be given later.
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