The shares of DLF on Monday fell by over 5 per cent amid allegations of the company providing undue favours in its transactions with Robert Vadra -- although the charges have been vehemently denied by both the parties.
The Sebi order is vindication of Sinha's stand, but it has not brought him much relief as his money is still stuck.
The Indian ace had three bogeys in the front nine to shoot two-under 70 in the final round that gave him a 15-under 273 overall and his third title of the season.
According to sources familiar with the development, Sebi has decided to make references to the Ministry of Corporate Affairs and the Department of Revenue, citing violations of the Acts these bodies govern.
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Since the cash flows will be impacted in a big way, DLF will have to resort to selling non-core assets in a substantial and significant manner through the next few quarters.
There has also been some easing of norms, allowing foreign direct investment to come into relatively small projects of 20,000 sq metres.
The scope of the certification is focused on 'The Development of Commercial and Residential Complexes'.
The Haryana government on Tuesday rejected allegations of Arvind Kejriwal about a nexus between state officials and DLF and that land meant for setting up a hospital was released in favour of the realty major.
Real estate giant DLF announced on Tuesday its tie-up with US-based financial player Prudential Financial, Inc for a foray in life insurance business and said the two partners will invest about Rs 10 billion over the next ten years in the venture.
The company had invested around Rs 1,500 crore in the business; may exit at Rs 1,100 crore.
The company will have 9 mn sq ft of property for sale in the second half of 2012-13, which is three times what it sold in the first half.
The FY13 fourth quarter (Q4) earnings, however, fell short of analysts' expectation, as debt was still high at Rs 21,730 crore (Rs 217.3 billion), with much of the targeted non-core sales done.
With a huge debt burden of Rs 22,758 crore, DLF is scrambling to sell non-core assets to give itself some breathing room.
DLF, which launched a residential project at Shivaji Marg on April 7, managed to sell all the 1,400 apartments on offer. It had priced the West Delhi project at Rs 6,000-7,000 a sq ft and offered an initial discount of Rs 1,000 a sq ft, besides an additional one of Rs 500 a sq ft on timely payments. It also offered an 8.5 per cent discount if a customer paid the entire amount within a month of the initial booking, bringing down the effective price to Rs 4,075 per sq ft.
Following the interest rate hike by a few leading banks and the government proposal to slap service tax on the realty sector, the country's largest real estate developer DLF on Monday said properties would turn dearer as developers would have to pass on the service tax burden to end-users.
The list includes Gautam Adani's brother Vinod Adani among others.
After life insurance, DLF Ltd is foraying into asset management by offering local and global mutual funds through a joint venture with Prudential Financial Inc of the United States.
Realty major DLF has rejected allegations made by activist Arvind Kerijwal of a nexus with Robert Vadra and the Haryana government and said that it enjoyed no special favours with the state government.
DLF Ltd on Friday said it was reviewing an order from the country's market regulator that fined the company and its top management $8.4 million.
DLF was asked to file an affidavit in this matter by Monday, after which SAT would issue directions on Wednesday (November 5) on whether the interim relief can be given.
Arvind Kejriwal had earlier indicated that he will give more information on Tuesday on allegations of favours granted to the Congress president Sonia Gandhi's son-in-law.
To bring down promoter stake to comply with minimum public shareholding rules.
The Delhi high court has issued notices to the Centre, Securities and Exchange Board of India and real estate firm DLF on an application challenging the company's decision to allot debentures to minority shareholders early this month.
Over 500 minority shareholders of realty major DLF have missed out on a once-in-a-lifetime opportunity to become 'crorepatis' overnight.
The company said it has received Rs 2,727 crore in full from Lodha Developers against the sale of 17-acre land in Mumbai and will utilise almost entire proceeds to cut whopping debt of over Rs 22,000 crore.
The Competition Commission of India passed a supplementary order last week to modify the agreement between DLF and its apartment buyers, pursuant to a direction from Competition Appellate Tribunal that is hearing the company's appeal against monetary penalty and other sanctions imposed on it by CCI for abuse of market dominance.
Having completed the country's largest initial public offering of $2 billion (about Rs 8,200 crore), DLF Chairman K P Singh is getting ready to raise a similar amount in Singapore.
CCI had imposed a penalty of Rs 630 crore on DLF in August 2011.
India's biggest realty firm, DLF is betting on special economic zones (SEZs). The zones will cover an area of 26,100 acres and the company expects to take control of the land in the next two years.
DLF chairman K P Singh, his son and vice-chairman Rajiv Singh, younger daughter and whole-time director at DLF Pia Singh, company directors T C Goyal and Ramesh Sanka had earlier moved the tribunal challenging the October 10 Sebi ban on them.
The realty major is awaiting orders for the second proceedings.
Net debt of India's largest realty company, DLF, rose by Rs 800 crore in the third quarter to Rs 20,694 crore
Locked in face-offs with two different regulatory agencies CCI and Sebi, realty major DLF's Chairman K P Singh on Monday suggested a provision in laws to sue regulators if their decisions get overturned at later stages.
In a 43-page order, SEBI said it will bar DLF and its chairman KP Singh along with five other company executives from accessing India's capital markets for three years.
Apartments likely to be in the Rs 5-10 crore range each.
Reeling under a cash crunch, the country's largest real estate player, DLF, has approached the government on surrendering its (DLF's) five of the nine IT-ITeS notified special economic zones (SEZ).
Turns down firm's plea for stay on CCI order; final order pending
Loans and advances account for nearly a quarter of the assets of India's top realty firms.
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