Adjudication Order with respect to DLF Limited and 7 others in the matter of DLF Limited and Sudipti Estates Limited

8/9/2019 Adjudication Order with respect to DLF Limited and 7 others in the matter of DLF Limited and Sudipti Estates Limited

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Adjudication Order dated February 26, 2015 in respect of DLF Limited and others in the

matter of DLF Limited and Sudipti Estates Limited

Page 1 of 53

BEFORE THE ADJUDICATING OFFICERBEFORE THE ADJUDICATING OFFICERBEFORE THE ADJUDICATING OFFICERBEFORE THE ADJUDICATING OFFICER

SECURITIES AND EXCHANGE BOARD OF INDIASECURITIES AND EXCHANGE BOARD OF INDIASECURITIES AND EXCHANGE BOARD OF INDIASECURITIES AND EXCHANGE BOARD OF INDIA

[ADJUDICATION ORDER NO. ASK [ADJUDICATION ORDER NO. ASK [ADJUDICATION ORDER NO. ASK [ADJUDICATION ORDER NO. ASK/AO//AO//AO//AO/SPV/129SPV/129SPV/129SPV/129----136136136136/201/201/201/201----1!"1!"1!"1!"

UNDER SECTION 1!UNDER SECTION 1!UNDER SECTION 1!UNDER SECTION 1!----I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT#I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT#I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT#I OF SECURITIES AND EXCHANGE BOARD OF INDIA ACT#

1992 READ $ITH RU%E ! OF SECURITIES AND1992 READ $ITH RU%E ! OF SECURITIES AND1992 READ $ITH RU%E ! OF SECURITIES AND1992 READ $ITH RU%E ! OF SECURITIES AND EXCHANGE BOARD OF INDIAEXCHANGE BOARD OF INDIAEXCHANGE BOARD OF INDIAEXCHANGE BOARD OF INDIA

&PROCEDURE FOR HO%DING IN'UIR( AND I)POSING PENA%TIES B(&PROCEDURE FOR HO%DING IN'UIR( AND I)POSING PENA%TIES B(&PROCEDURE FOR HO%DING IN'UIR( AND I)POSING PENA%TIES B(&PROCEDURE FOR HO%DING IN'UIR( AND I)POSING PENA%TIES B(

ADJUDICATING OFFICER* RU%ES# 199!.ADJUDICATING OFFICER* RU%ES# 199!.ADJUDICATING OFFICER* RU%ES# 199!.ADJUDICATING OFFICER* RU%ES# 199!.

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device or contrivance in contravention of the provisions of this Act or the rules or the

regulations made thereunder;

(b)employ any device, scheme or artifice to defraud in connection with the issue or

dealing in securities which are listed or proposed to be listed on a recognised stock

exchange:

(c)engage in any act, practice, course of business which operates or would operate as

fraud or deceit upon any person, in connection with the issue, dealing in securities

which are listed or proposed to be listed on a recognised stock exchange, in

contravention of the provisions of this Act it the rules or the regulations made

thereunder

PFUTP Regulations

Reg.3. No person shall directly or indirectly-

(a) buy, sell or otherwise deal in securities in a fraudulent manner;

(b) use or employ, in connection with issue, purchase or sale of any security listed or

proposed to be listed in a recognised stock exchange, any manipulative or deceptive

device or contrivance in contravention of the provisions of the Act or the rules or the

regulations made thereunder:

(c) employ any device, scheme or artifice in connection with dealing in or issue of

securities which are listed or proposed to be listed on a recognised stock exchange;

(d) engage in any act, practice, course if business which operates or would operate as

fraud or deceit upon any person in connection with any dealing in or issue of securities

which are listed or proposed to be listed on a recognised stock exchange in

contravention of the provisions of the Act or the rules and the regulations made

thereunder

Reg. 4 Prohibition of manipulative, fraudulent and unfair trade practices



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(1) Without prejudice to the provisions of regulation 3, no person shall indulge in a

fraudulent or an unfair trade practice in securities.

(2) Dealing in securities shall be deemed to be a fraudulent or unfair trade practice if it

involves fraud and may include all or any of the following, namely

(f) publishing or causing to publish or reporting or causing to report by a person

dealing in securities any information which is not true or which he does not believed to

be true prior to or in the course of dealing in securities;

(k) an advertising that is misleading or that contains information in a distorted manner

and which may influence the decision of investors.

DIP Guidelines

Clause 6.2 - The prospectus shall contain all material information which shall be true

and adequate so as to enable the investors to make informed decision on the

investments in the issue.

Clause 6.9.6.6 - Related party transactions as per the Financial Statement

Clause 6.10.2.3 - If the issuer company has subsidiaries, the report shall:

(a) so far as regards profits and losses, deal separately with the issuer company’s

profits or losses as provided by 6.10.2.2 and in addition, deal either:

(i) as a whole with the combined profits or losses of its subsidiaries, so far as

they concern the members of the issuer company; or



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Page 9 of 53

(ii) individually with the profits or losses of each subsidiary, so far as they

concern the members of the issuer company;

or, instead of dealing separately with the issuer company’s profits or

losses, deal as a whole with the profits or losses of the issuer

company, and, so far as they concern the members of the issuer

company, with the combined profits or losses of its subsidiaries; and

(b) so far as regards assets and liabilities, deal separately with the issuer

company’s assets and liabilities as provided by 6.10.2.2 and in addition, deal

either:

(i) as a whole with the combined assets and liabilities of its subsidiaries, with or

without the issuer company’s assets and liabilities; or

(ii) individually with the assets and liabilities of each subsidiaries; and shall

indicate as respects the assets and liabilities of the subsidiaries, the allowance

to be made for persons other than the members of the issuer company

Clause 6.11.1.2 - The information about outstanding litigations as per Clause

6.11.1.1(e) shall be furnished in respect of subsidiaries of the issuer company (if

applicable)

Clause 6.15.2 - The draft prospectus (in case of issues other than fast track issues), red

herring prospectus and prospectus shall be approved by the Board of Directors of the

issuer and shall be signed by all Directors, the Chief Executive Officer, i.e., the

Managing Director or Manager within the meaning of the Companies Act, 1956 and

the Chief Financial Officer, i.e., the whole-time Finance Director or any other person

heading the finance function and discharging that function.



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(b) The signatories shall further certify that all disclosures made in the prospectus are

true and correct.

Clause 9.1 Guidelines on Advertisements.

ICDR Regulations

Repeal and Savings.

Reg 111 (1) On and from the commencement of these regulations, the Securities

and Exchange Board of India (Disclosure and Investor Protection) Guidelines,

2000 shall stand rescinded.

(2) Notwithstanding such rescission:

(a) anything done or any action taken or purported to have been done or taken

including observation made in respect of any draft offer document, any enquiry or

investigation commenced or show cause notice issued in respect of the said

Guidelines shall be deemed to have been done or taken under the corresponding

provisions of these regulations;

(b) any offer document, whether draft or otherwise, filed or application made to the

Board under the said Guidelines and pending before it shall be deemed to have

been filed or made under the corresponding provisions of these regulations.

13.13.13.13. B, 8?7+< 74 4 4,


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natural justice require that the inquiry officer should make available such document and

material to the delinquent on which reliance is being placed in the inquiry. It is not

necessary for the inquiry officer to make available all the material that might have been

collected during the course of investigation but has not been relied upon for proving

charge against the delinquent. No prejudice can, therefore, be said to have been caused

to the appellant on this count....". I+ 4 ?7# I 5 +>7+8

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S48> +,8 %8.

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2.2.2.2. T4# N>5@, 2006# 7+ 4 S877# 7 57+

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4, 4,4?8, @7+< S4,7 N, G?7 4?87+< + 4, 4

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+,? >, 4 4,4?8,. T47 ?8 ,4, ,+ 4 D%F 48 +,? >, 4 5+78+. T4 5 7 >78+ ,5 4 ,7? +8 ? 878

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+ D5@, 22# 2006. I 48 + +7+< @?+ Q 9#!.0

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4> @+ ,+,,8 F?77# 4, + +?7> >78+

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48 +>, ? +,? >, 45.

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+ F?77 ,5 4 + 4 ; 5? D%F.

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D5@, 19# 2006 ,5 10 ,+. F,5 4 55+77+ 88

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5+ Q 20 ?;4 4 47, + @+; + 7+? 4?8 74

47, + N>5@, 2# 2006# N>5@, 10# 2006 +8

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,+,,8 ICICI @+; + +. 0000!01661 F?77.

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74 ROC# + D5@, 1# 2006# F?77 ??8# 2 ?;4 4, 4

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, ?8 ),. R75 H7+8# / S4,7 G,> )+ )+


37/53

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Page 37 of 53

T4 ?8 ,4, ,+

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Page 38 of 53

@+ D%F +8 4 4, 5?. T4 ++7+ 4

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D%F.

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,8# +8 4 + Q 2 ,, 48 8>?5+ ?8 74 4 4M

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Page 40 of 53

3.3.3.3. H>7+< +?88 4 S877# S4?7; +8 F?77 , 4

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87? 7+ 7 , 85+ ,?8 , ,+7+

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4 ,?8 , ,+7+ 74 , 4 4, 5+7

+8 4,@ >7?8 4 ,>77+ ? 6.9.6.6 DIP G78?7+.

D%F 4?8 4> ? 87?8 7++7? 87? ,?7+< 4

@787,7 7+ ,5 ? 6.10.2.3 DIP G78?7+. T4 4,

@787,7 , 7+ ? 5;7+< 5+7 4 ,?>+ 75

+8 + =+ + + ,7+# @?745+ ,

# ,+# ?,77# ?4+# ,, = , ?, , ,,88

7+ 47, @; + 8,7+< 4 7++7? , 2006-0 +8 200-

0. A D%F 48 + 87?8 7++7? 87? ,7+7+< 4

@787,7# I 7+8 4 D%F 4 >7?8 4 ,>77+ ?

6.10.2.3 DIP G78?7+.

1.1.1.1. I ,4, ??


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,7+ +8 7++ 4 7, 7+?87+< 878 =

?7@7?77# ,7+ +8, + +5+ +8 @ 87?8 7+

4 P,. T4# 4 +87+< ?77


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P,7> %7578 +8 O4, - )ANU/)H/0003/191 4 4

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7+ 4 , 85+.

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4 ;+?8+ K5, ?8 + @ +,8 4

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P,>+ K5, 7 4 +4 S4,7 K P S7+ C47,5+

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P,>+ K5, 4?87+< 77+ ,+7@7?7 +@? 4

5+ @,,# 4 FIR

,


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48 58 87?, @ 4, FIR # 7.# FIR 7?8 @ + H,74

K5, P,7 7+< 58 87?,

@ 4, FIR 7+ 4 O, D5+# 4 +8 + ;+ @ D%F

, + 87?7+< FIR @ 7 @787, + 4 ? 4 4 5 878

+ 5+ ?77# I +?8 4 4 ,,8 ,+, 4,

4?8 7+ S877# S4?7; +8 F?77 @ DED%# DHD% +8 DRD% +?

45 ,+7+ +8 +47+< @ 45 5?8 @ 4

N7 5?, ?

+,? >, S877# S4?7; +8 F?77 474 7+ ,

@787,7 D%F 4 ,?>+ 75. D%F 7??? +8 8?7@,?

4 + 87? 45 7 @787,7 4,@# 7>? +8

;+7+


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?7 +8 4 5++, 7+ 474 7+,57+ ,7?@? 4 5,;. I+ 4 + IPO# ?? 7+,57+

@ 4 5+7 45?># 4 ,8# 4 5,;# 7

58 >7?@? 4 @?7/7+>, 7+ 4 ,5 , 85+.

T4 87?,-@8 ,7, ,+7@7?7 + 4

7, ,77 7+ , 4 , +8 5?+

4 7+,57+ 87?8 @ 45. I+ 4 7++ # @?748

7+ 4 ,8 4 75,+

7+,57+ 4 ,?>+ 7+ 75. I+ 47 ,7+ H+@? SAT 7+ 4 5, HSBC

S-,77- 6+8 C6/76? )6,;- &I+876* P,7>6- %8. >. SEBI &A//-6? N.

99 3 200* # 4,7+ 7 7 8 4 "an incorrect or wrong information in a

letter of offer or other similar documents issued for the benefit of investors in general

could lead to serious consequences including loss of credibility for the market operators

and for the regulatory system. This kind of failure has to be taken very seriously by the

market regulator" .

9.9.9.9. A 878 7+ 4 ,87+< ,,. I+ 47 ,8 4M- "… we are

satisfied that the provisions of Regulations 3 and 4 of the Securities and Exchange Board

of India (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities

Market) Regulations, 2003, were violated. These regulations, among others, prohibit any

person from employing any device, scheme or artifice to defraud in connection with

dealing in or Issue of securities which are listed or proposed to be listed on an exchange.



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They also prohibit persons from engaging in any act, practice, course of business which

operates or would operate as fraud or deceit upon any person in connection with any

dealing in or issue of securities that are listed on stock exchanges. These regulations

also prohibit persons from indulging in a fraudulent or unfair trade practice in securities

which includes publishing any information which is not true or which he does not believe

to be true. Any advertisement that is misleading or contains information in a distorted

manner which may influence the decision of the investors is also an unfair trade practice

in securities which is prohibited. The regulations also make it clear that planting false or

misleading news which may induce the public for selling or purchasing securities would

also come within the ambit of unfair trade practice in securities….......... A basic premise

that underlies the integrity of securities market is that persons connected with securities

market conform to standards of transparency, good governance and ethical behaviour

prescribed in securities laws and do not resort to fraudulent activities."

!0.!0.!0.!0. T4 N7 7+ 4 7++ , 4 7, 5+ 7.# D%F +8

7 E=7> C47,5+# V7 C47,5+# )+ D7,, - %77+ SEBI G78?7+ , 5?78 74

+8 4 ?? 4 5+ 7+ 4 O, D5+ , , +8

,,. I+ 4 7++ # @,


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=8 =,7 5 ,# ;7?? +8 87?777 4 5+. I + 4 4 H+@? SAT# 7+ 4 N.

N,++ > A8877+< O7,# SEBI &A? N. 29 2012

8788 + O@, 0!# 2012* 4 @,>8 +8,M

".....with the changing scenario in the corporate world, the concept of

corporate responsibilities is also rapidly changing day by day. The director of

a company cannot confine himself to lending his name to the company, but,

taking light responsibility for its day to day management. While functions may

be delegated to professionals, the duty of care, diligence, verification of critical

points by directors cannot be abdicated. The directors are expected to have a

hands on approach in the running of the company and take up responsibility

not only for the achievements of the company, but, also failings thereto" .

!2.!2.!2.!2. I 7 ,447? 5+7+ 4, 4 @,>7+ H+,@?

S,5 C, 7+ 7 8. A8877+< O7, SEBI &C7>7? A? N.112-113

2013* 4,7+ 7 8 4:".....SEBI, the market regulator, has to deal

sternly with companies and their Directors indulging in manipulative and deceptive

devices, insider trading etc. or else they will be failing in their duty to promote orderly

and healthy growth of the Securities market. Economic offence, people of this country

should know, is a serious crime which, if not properly dealt with, as it should be, will

affect not only country’s economic growth, but also slow the inflow of foreign investment

by genuine investors and also casts a slur on India’s securities market. Message should

go that our country will not tolerate “market abuse” and that we are governed by the

“Rule of Law”. Fraud, deceit, artificiality, SEBI should ensure, have no place in the

securities market of this country and ‘market security’ is our motto

...........................SEBI has, therefore, a duty to protect investors individual and

collective, against opportunistic behavior of Directors and Insiders of the listed

companies so as to safeguard market's integrity."



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!3.!3.!3.!3. I + 4 S4,7 G S T?,# N7 N. # >78 ?, 88 O@, 2#

201# 58 , 8, 4 4,??8


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@. D 4 >7?7+# 7 +# + 4@. D 4 >7?7+# 7 +# + 4@. D 4 >7?7+# 7 +# + 4@. D 4 >7?7+# 7 +# + 4 , 4 N7 ,, 4 N7 ,, 4 N7 ,, 4 N7 ,

+? +8, 7++? +8, 7++? +8, 7++? +8, 7+ 1!HA +8 HB 1!HA +8 HB 1!HA +8 HB 1!HA +8 HB SEBI A SEBI A SEBI A SEBI A

!!.!!.!!.!!. I+ 47 +=# I ?8 ?7; 4 @,>7+ H+@?

S,5 C, 7+ 4 5, SEBI V. S4,7 R5 )? F+8#

[2006" ! SCC 361 4,7+ 7 # 7+,?7 4?8 4 “once the violation

of statutory regulations is established, imposition of penalty becomes sine qua non of

violation and the intention of parties committing such violation becomes totally

irrelevant. Once the contravention is established, then the penalty is to follow.”

!6.!6.!6.!6. A 4 >7?7+ 4 ,>77+ DIP G78?7+ ,8 74 ICDR

R


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. I # 4 54 +? 4?8 @ 758 + 4 N7 ;7+, , 4 5+

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Adjudication Order with respect to DLF Limited and 7 others in the matter of DLF Limited and Sudipti Estates Limited

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