Zee Media Bureau
New Delhi: In a major setback for real restate developer DLF, market regulator Securities and Exchange Board of India (SEBI) on Monday barred it along with its chairman K P Singh, vice chairman Rajiv Singh and others from accessing securities markets for 3 years.
The ruling is in connection with allege irregularities and dislosure errors the company made for its initial public offer documents in 2007.
The decision of SEBI comes almost after three years after it initiated the investigation against the real estate developer for it the IPO.
The order has been passed against DLF, its chairman and other top executives of the company in relation to the lapse in disclosures made at the time of its initial public offering in 2007.
“Order passed against DLF, six top executives for lapses in disclosures made at time of IPO in 2007”, SEBI said Monday.
Those barred from securities markets include TC Goyal, Pia Singh, GS Talwar, Ramesh Sanka and Kameshwar Swarup.
During its IPO in 2007, the real estate developer had raised Rs 9,000 crore. However, in its final issue prospectus, it had failed to disclose the name of an associate company againts which a criminal case of fraud was filed, SEBI had said earlier in its ruling.
