Published on Sat, Oct 18,2014 | 09:18, Updated at Sat, Oct 18 at 09:18Source : CNBC-TV18
This week a SEBI order prompted a 30% fall in DLF's stock price – wiping out over 7000 crores in market capitalisation and reducing the company's value to below it's outstanding debt. The SEBI order finds DLF guilty of active and deliberate suppression of any material information so as to mislead and defraud the investors in the securities market in connection with the issue of shares of DLF in its IPO, thereby violating the SEBI Act, Disclosure & Investor Protection Guidelines, ICDR Regulations and the Prohibition Of Fraudulent & Unfair Trade Practices Regulations. It's a fascinating story of how a 34 crore Rupee litigation has brought this giant company to its knees. It's the story of DLF & its housewives.
In June 2007, just days before the DLF 9000 crore rupee IPO opened, Kimsuk Krishna Sinha filed a complaint with SEBI. He alleged that a DLF subsidiary – Sudipti Estates and others had duped him of Rs 34 crore. DLF denied that Sudipti was its subsidiary…the matter ended up in the Delhi High Court, the court directed SEBI to investigate and here's what SEBI found.
That in March 2006 Sudipti, Shalika & Feleicite were incorporated. They were second tier subsidiaries of DLF. In November 2006 Felicite was sold to 3 women – wives of key managerial personnel at DLF. The 3 were housewives, with no individual income of theirs, operating joint bank accounts with their husbands, who funded their purchase of shares of felicite. A day later Shalika was sold to Felicite and Sudipti to Shalika.
SEBI says the sale of Felicite to the housewives is a sham transaction, that DLF was in control of Felicite and hence Shalika & Sudipti. It should have disclosed these subsidiaries and the related party transactions with the housewives, in its prospectus. It should have also disclosed Kimsuk Sinha's FIR & pending litigation against Sudipti. Guilty of this active and deliberate suppression of any material information SEBI has barred DLF, it's promoters & executives from accessing the capital markets for 3 years. To discuss this headline grabbing case, Menaka Doshi talks to Sandip Bhagat, Sanjay Asher & J N Gupta.
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