Millennium Post

SAT seeks DLF affidavit on interim fund needs

As it fights a Sebi ban on accessing capital markets, realty giant DLF was asked on Thursday to provide details of funds it immediately needs to get an interim relief to redeem capital locked in mutual funds.

While challenging the Sebi order barring it and six others, including top executives, from capital markets for three years, DLF had sought this interim relief on 22 October, after which the capital markets regulator was asked to give a reply.

The regulator submitted before SAT that the company can be given an interim relief, provided it gives a detailed proposal for requirement of funds it needs to redeem, by 31 December.

DLF was asked to file an affidavit in this matter by Monday, after which SAT would issue directions on Wednesday on whether the interim relief can be given.

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