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SEBI To Initiate Ipo Investigation On The Reserves Of Dlf

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It is learnt from the real estate sources as told to NBTV that the shares of the Country’s renowned real estate competitor has plummeted to 2% subsequent to the statement issued by the Controller of the Financial Market – Securities Exchange Board of India (SEBI) - that it wishes to investigate the financial dealing of the said Contractor, in question, as a sequel to the complaints received from a Delhi Business tycoon against the Builder – DLF. In consequent to this allegation, the shares of the Company witnessed a deep fall in their shares 2% ending Friday by 2.7% at Rs.225/- on the Bombay Stock Exchange (BSE), after nose diving to as much as 4.3% during the course of the day. On the National Stock Exchange (NSE) front, the share finished at 2.3% down also at Rs.225/-.
The SEBI authorities on Thursday said that it would probe a few complaints lodged by one Kimsuk Krishna Sinha, against DLF Sudipti Estates Private Limited. Though the SEBI’s investigation of DLF with regard to the pending complaint against them will not affect the operations but will definitely tarnish the image of the Builder, according to a Consultant of the Real Estate. It is understood that Sinha had levelleld the charges of cheating him to the tune of Rs.34l Crores against DLF and Sudipti Estates.
In an outline brochure submitted in connection with rising of a public issue in May 2006, DLF stated that Sudipti is their connected firm which was subsequently pulled them out and a clean booklet incorporating this information was released in January 2007 without the inclusion of Sudipti’s name. It is claimed by Sinha that DLF Home Developers and DLF Estate Developers were sister concerns and part of DLF Group, but DLF mentioned that Sudipti is a different and lawful body possessed and harnessed by diverse entities. Basing on these allegations, the Hon’ble Delhi High Court directed SEBI, in July, to study the protest of the complainant and to issue an edict within a quarter.
Source: NIMMA BENGALURU

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