The Securities Appellate Tribunal (SAT) set aside the monetary penalty imposed in 2014 on real estate giant DLF, on the latter’s chairman, Kushal Pal Singh, and some of its subsidiary entities. The order was imposed by the Securities and Exchange Board of India (Sebi), the total penalty being Rs 860 million on the company and seven of its top officials.
“The tribunal by a majority decision set aside the order passed by the whole time member of Sebi by holding that the appellants have not violated the Sebi Act and the regulations framed thereunder,” presiding officer J P Devadhar said in the SAT order.
Sebi had also banned DLF and seven others from accessing the capital markets for three years; SAT had overturned this in 2015. Sebi appealed against this to the Supreme Court, where the outcome is yet to be decided.
In a separate order, Sebi had imposed penalties on Sudipti Estates and 33 other entities, including DLF Home Developers, DLF Retail Developers, and DLF Estate Developers.