DLF to file affidavit Saturday to redeem funds locked in MFs, bonds
India's largest realty company DLF will file its affidavit against market regulator Securities and Exchange of India (Sebi)'s order barring it from raising money from the capital markets.
On Saturday, DLF will file the affidavit with the Securities' Appellate Tribunal seeking redemption of the money it has invested in mutual funds. The affidavit will state both the purpose to which the money will be put as well as the amount required.
SAT is expected to give an interim order on Wednesday November 5.
Hit hard by a Sebi order barring it from capital markets, realty giant DLF on October 22 had filed an appeal with SAT to allow it to redeem thousands of crores of funds currently locked in mutual funds and other securities.
In its appeal, DLF had said it needs to redeem funds of about Rs 2,000 crore in MFs as well as certain bonds that are worth a few more thousands of crores, but that the Sebi order has restrained it from accessing the capital.
The markets regulator has been directed to file an affidavit on its order against DLF by November 30. DLF will file its rejoinder by December 8, while SAT will hear the appeal on December 10 and issue its ruling the same day.
Earlier this month, Sebi barred DLF and six others from capital markets for three years for "active and deliberate suppression" of material information at the time of its IPO over seven years ago.
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On Saturday, DLF will file the affidavit with the Securities' Appellate Tribunal seeking redemption of the money it has invested in mutual funds. The affidavit will state both the purpose to which the money will be put as well as the amount required.
SAT is expected to give an interim order on Wednesday November 5.
Hit hard by a Sebi order barring it from capital markets, realty giant DLF on October 22 had filed an appeal with SAT to allow it to redeem thousands of crores of funds currently locked in mutual funds and other securities.
In its appeal, DLF had said it needs to redeem funds of about Rs 2,000 crore in MFs as well as certain bonds that are worth a few more thousands of crores, but that the Sebi order has restrained it from accessing the capital.
The markets regulator has been directed to file an affidavit on its order against DLF by November 30. DLF will file its rejoinder by December 8, while SAT will hear the appeal on December 10 and issue its ruling the same day.
Earlier this month, Sebi barred DLF and six others from capital markets for three years for "active and deliberate suppression" of material information at the time of its IPO over seven years ago.
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