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.
Is it the usual practice for DLF to give an advance equal to 86 per cent of the sale price on land, before the sale takes place?
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.
Turns down firm's plea for stay on CCI order; final order pending
This alliance is also planning to tap the infrastructure sector covering express highways, airports and hi-tech construction involving power plants and mega projects.
Recently, DLF sold 17 acres of prime land in Mumbai to Lodha Developers for Rs 2,700 crore.
To reduce its mounting debt, DLF, the country's biggest real estate company, is set to sign a deal with Mumbai-based Lodha Developers for selling one of its showcase non-core assets the 17-acre National Textile Corporation (NTC) land in Mumbai.
In addition, it is banking on Rs 20 billion of additional inflows from group company DLF Assets. The move follows 33 per cent growth in DLF's gross debt to Rs 163.58 billion at the end of March 2009 from Rs 122.77 billion a year ago. In addition, DLF's revenues fell 28 per cent to Rs 105.41 billion as home buyers deferred purchases and it offered discounts to lure buyers. As a result, its revenues were hit to the tune of Rs 6.88 billion.
With the slump in real estate market and television ratings, DLF, the country's largest real estate developer, is unlikely to continue with the title sponsorship of the Indian Premier League, according to sources close to the development.
The mega initial public offer of realty giant DLF, through which the developer is expecting to garner Rs 9,625 crore (Rs 96.25 billion), got fully subscribed on Tuesday.
Facing acute liquidity crunch and poor buyer sentiments, the country's biggest property developer, DLF, has stopped work at two of its biggest mid-income housing projects. The move comes after the developer stalled at least a quarter of its commercial projects.
The Adani family, led by Chairman Gautam Adani, is the most valued first-generation family business at Rs 15.44 trillion.
The outcome of the Union Budget, quarterly earnings from corporates and global trends are the major factors to drive stock market sentiments this week, analysts said. Besides, the trading activity of foreign investors, the rupee-dollar trend and the movement of global oil benchmark Brent crude are also crucial aspects to watch out for.
PVR Cinemas has decided to terminate its agreement to acquire real estate developer DLF's exhibition hall business, DT Cinemas. PVR informed the stock exchanges today that, 'the conditions precedent for the acquisition have still not been satisfied'.The two companies had sought an extension till February 15 to conclude the deal.
Caddie-turned-pro Ashok Kumar lifted the DLF Masters title trophy riding on his overnight eight-stroke lead after rain washed out the final day of the PGTI event in Gurgaon on Sunday.
"The customers had entered into a three-year contract with us. If we have to sell the apartments at a discounted rate, the customers who are backing out should make up for it," an official said. "If DFL tries to re-sell its apartments in the open market, it will have to reduce prices by a further 10-15 per cent. The new buyers know the expected supply is more than demand," said Rupesh Sankhe, equity analyst, Centrum Broking.
"We have not laid off anything. The lay-off could happen in future in case the demand further goes down," DLF chairman K P Singh said at an Assocham event in New Delhi. He clarified that as of 'today' DLF has not laid off anybody.
In July, the company announced its buyback plans at a maximum price of Rs 600 a share. DLF will buy a maximum of 22 million shares, or 11 per cent, of the 202 million shares held by the public. On October 1, the DLF board approved the company's announcement on buyback of shares.
The exchange had earlier said that DLF would move out from Group A.
DLF has wind power plants in four states with total installed capacity of 227 MW.
DLF is paying $200m for a controlling stake in Amanresorts. The deal comes at a time when Indian automotive companies Tata Motors and Mahindra & Mahindra are bidding for Ford's luxury Jaguar and Land Rover marques.
The order followed complaints against DLF Gurgaon Home Developers.
Real estate major DLF plans to leverage the power of cricket to enhance its brand image across the country and has earmarked Rs 100 crore investment (Rs 1 billion) in next two years on sponsorship, cultural events and advertisements. \n\n
The funds will be utilised primarily to reduce debt, which stood at Rs 21,350 crore (Rs 213.5 billion) as on December 31, 2012.
The company had posted a net profit of Rs 138.51 crore (Rs 1.38 billion) in the year-ago period, DLF had said in a statement.
This is one of the rare orders by Sebi that bars a bluechip and its top promoter/executives from market.
The Prime Minister's Office on Wednesday sought to dismiss the alleged nexus between realty giant DLF and Priyanka Gandhi's husband Robert Vadra as 'false'. An affidavit filed by PMO Joint Secretary Dheeraj Gupta before the Lucknow bench of the Allahabad high court termed as "false, vexatious and based on hearsay" the allegations about DLF having extended undue favours to Robert Vadra.
As per Arjun Modhwadia's memorandum listing out land allotment at a meagre rate to industrialists in Gandhinagar without an auction, DLF was given 1,01,200 sq mt of land in the capital at Rs 5000 per sq mt, when the prescribed stamp duty rate was Rs 19,000 per sq mt and the market price was Rs 30,000 per sq mt. This allotment, Modhwadia contended, cost the exchequer a whopping Rs 253 crore
DLF, which will enter the capital market on June 11 with its public issue, announced on Friday an investment of Rs 3,000 crore (Rs 30 billion) for developing two hotels and a service apartment in Kolkata.
According to DLF, the company has a land bank of 10,255 acres, of which 70% is in the metro cities, with 50% being in the National Capital Region alone.
Two top Haryana officers on Thursday sparred over cancellation of Robert Vadra-DLF land deal, with the Town and Country Planning head T C Gupta claiming there were "factual inaccuracies" in the orders by Ashok Khemka who stood by his decision and said the aggrieved parties were free to move court.
The accounting and audit fraternity clearly wants to disassociate itself from the DLF-Vadra saga.
DLF has long been embroiled in a controversy over a deal that brought windfall profits to Robert Vadra, son-in-law of United Progressive Alliance Chairperson Sonia Gandhi.
DLF, the country's largest realty firm, is eyeing the India franchise rights of ultra luxury brand Salvatore Ferragamo. The Italian brand's original franchise partner, Sports Station India, has decided to exit the business and instead concentrate on premium brands such as Levi's and Dockers.
Is looking to raise Rs 3,000 cr.
In the midst of a tax probe into finances of IPL, authorities have issued notices to several sponsors of the first edition of the Twenty20 event, including DLF, Adidas and Religare for non-payment of service tax.
DLF will use its IPO proceeds in part to acquire land, complete on-going projects and retire debts.
The company also said that housing loan interest rates would fall in the days ahead.
