India's market regulator on Thursday fined property developer DLF Ltd and its top management 520 million rupees ($8.4 million) as part...
India’s market regulator on Thursday fined property developer DLF Ltd and its top management 520 million rupees ($8.4 million) as part of a broader probe into the firm’s lack of disclosures during its initial public offering (IPO).
The regulator last year banned the company from raising capital for three years as part of the same case, a verdict which DLF is appealing at a securities tribunal.
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The Securities and Exchange Board of India (SEBI) concluded then that the property developer wilfully withheld details of all of its subsidiaries, as well as details of legal cases pending against those companies when it filed its IPO documents.
DLF was not immediately available for comment on Thursday. ($1 = 61.7272 Indian rupees)