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DLF and its non-independent directors — KP Singh, Rajiv Singh, Pia Singh TC Goyal, Ramesh Sanka, GS Talwar and Kameshwar Swarup have been fined ₹26 crore each by SEBI. The fine has been imposed for non-disclosure of material information in the company’s offer documents during its IPO.
SEBI found that “DLF continued to have control, and had never lost control over Sudipti, Shalika and Felicite which in fact were subsidiaries of DLF at the relevant time.
“DLF wilfully and deliberately chose not to disclose them as its subsidiaries thereby, actively and knowingly suppressed material information in the offer documents, more particularly information regarding related party transactions, financial information pertaining to subsidiaries and outstanding litigation/FIR against Sudipti leading to mis-statements in the offer documents, which amounted to a fraud on investors.”
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