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J.P.DEVADHAR, JOG SINGH, A.S.LAMBA
DLF Ltd. – Appellant
Versus
Securities & Exchange Board of India – Respondent
Jog Singh & A. S. Lamba, Member - The appellant, namely, 'DLF Limited', has preferred the present appeal against the Impugned Order dated 10th October, 2014, passed by the Whole Time Member (the WTM) of the respondent. By the said common Impugned Order, the appellant company and six of its Directors along with the Chief Financial Officer (CFO) have been restrained from accessing the securities market and in addition to it, have also been prohibited from buying, selling and otherwise dealing in securities directly or indirectly for a period of three years. The Impugned Order has been passed pursuant to a Show Cause Notice ('SCN') dated 25th June, 2013. All these appeals have been heard together and Appeal No. 331/2014 (DLF Ltd. v. SEBI) has been taken as the lead case in which detailed and exhaustive arguments have been advanced and its decision shall govern the fate of connected seven appeals.
2. Antecedental facts leading to the issuance of the SCN as well as passing of the Impugned Order are relevant and hence succinctly narrated herein below:
3. The Appellant is a Public Limited Company, registered under the Companies Act, 1956, with effect from 4th July, 1963, at New Delhi.
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