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Amarchand Delhi, JSA fail to stop SEBI following up DLF cap markets ban with Rs 86 cr fine

Amarchand Mangaldas and J Sagar Associates (JSA) led DLF and its top officials to a Rs 86 crore Securities and Exchange Board of India (SEBI) penalty yesterday.

Amarchand Delhi managing partner Shardul Shroff briefed senior advocate JJ Bhatt for DLF, its executive chairman KP Singh, vice chairman Rajiv Singh and director Pia Singh, according to Sebi’s order.

Amarchand briefed senior advocate Gaurav Joshi for DLF managing director TC Goyal and chief financial officer Ramesh Sanka.

JSA Mumbai partner Somasekhar Sundaresan senior associate Paras Parekh acted for DLF director GS Talwar.

As reported by Legally India in October 2014, SEBI had barred DLF and its officials from accessing the capital markets for three years and has now imposed this penalty on DLF and, in a separate order, Rs 34 crore on Sudipti Estates Pvt. Ltd and 33 other entities, including DLF subsidiaries DLF Home Developers Ltd (DHDL), DLF Retail Developers Ltd (DRDL) and DLF Estate Developers Ltd (DEDL), for allegedly engaging in fraudulent and unfair trade practices, reported Mint.

DLF used three camouflaged subsidiaries involved in sham transactions and had suppressed material information in its red herring prospectus, found SEBI.

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