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The Securities and Exchange Board of India on Thursday fined real estate company DLF Ltd and its top management Rs 52 crore as part of an investigation into the company's alleged lack of disclosures during its initial public offering and another Rs 34 crore in a separate order on its related entities.
The capital markets regulator had banned DLF from raising capital for three years in the case.
The developer said it would challenge the order. “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," a statement released by the company said
The SEBI's probe had indicated that DLF withheld details of all of its subsidiaries and of legal cases pending against those companies in its IPO documents.
"DLF will defend itself to the fullest extent against any adverse findings and measures contained in the Orders passed by SEBI," the company said in the statement released on Thursday.
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