Though the family controls and runs DLF, CFO Ramesh Sanka is said to be playing a key role in mapping the group's future strategy -- including the move to, now, construct lower-cost housing.
In both good and bad times, we will do things that are good for the company and its shareholders. We are not a company that decides strategy on the basis of newspaper articles or analyst comments.
India's two corporate giants Tata Group and Mukesh Ambani owned Reliance Group have booked space in DLF Ltd's malls for rolling out their retail ventures.
It was an individual complainant, seeking action against Rs 34 crore (Rs 340 million) he was allegedly duped, and "sham transactions" involving three 'housewives' that has led to regulator Sebi coming hard on the country's biggest real estate developer DLF and its top executives.
Sebi had imposed penalties on DLF, for entering into sham transactions.
India's most heavily indebted property firm, DLF has filed an appeal with the Securities Appellate Tribunal (SAT) against a ban from tapping capital markets for three years, a spokeswoman for the appellate told Reuters.
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.
After hearing the petition, filed by the country's largest real estate developer last week, the Tribunal adjourned the matter till October 30 next week, as it sought a response from capital markets regulator Securities and Exchange Board of India on DLF's plea for an interim relief.
This is one of the rare orders by Sebi where it has barred a bluechip firm and its top promoter/executives.
The stock fell by 24.5 per cent to its 52-week low level of Rs 111.25 in opening trade at the BSE.
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.
DLF wrote to Sebi, asking if the firm's ban on securities transactions extends to mutual fund investments.
DLFknowingly suppressed material facts: Sebi
Ajit Mishra, vice president, Research, Religare Broking, answers your queries:
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