Our Bureau

New Delhi, May 1

DLF Ltd has formed a Committee of Independent Directors to look at options for DLF with regard to its relationship with DAL. It is learnt that Mr K.N. Memani, Mr M.M. Sabharwal, Dr D.V. Kapur and Mr Ravinder Narain will be on the committee which would look at various options including realisation of overall receivables from DAL, and a possible acquisition of stake by DLF in DAL.

The committee would be helped by advisors Citi, Kotak and Enam as well as two legal and transaction advisors, a person familiar with the development said.

The DLF Chief Financial Officer could not be reached for comments.

DLF has, in the past, sold a large portion of its commercial assets to DAL, a company promoted by DLF Chairman, Mr K.P. Singh. Last quarter, the company announced the suspension of sales to DAL. However, on account of previous transactions, the revenue from sales to DAL stood at Rs 322 crore during the quarter. DLF has received close to Rs 800 crore as advance from DAL during the fourth quarter ended March 2009.

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(This article was published in the Business Line print edition dated May 2, 2009)
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