<div> DLF Ltd, India's biggest listed property company, on Wednesday appealed for interim relief from a three-year ban from accessing capital markets by the regulator.</div><div> </div><div>DLF lodged its appeal with the Securities Appellate Tribunal, which will conduct its next hearing on Oct. 30.</div><div> </div><div>In its harshest ever punishment, the Securities and Exchange Board of India (Sebi) on Oct. 13 barred DLF and some of its executives from capital markets, penalising them for failing to disclose key information at the time of the company's record-breaking 2007 market listing.</div><div> </div><div><span style="line-height: 1.4;">"By doing what the order has done, namely to say that for three years you will not access capital markets and you will not deal in securities, it is as good as writing the death warrant of this company," Janak Dwarkadas, a lawyer representing DLF, told the tribunal.</span></div><div> </div><div><div>DLF asked the tribunal to allow it to redeem thousands of crores worth funds locked in mutual funds and other securities.</div><div> </div><div>The tribunal adjourned the matter as it sought a response from Sebi on DLF's plea.</div><div> </div><div>DLF said it needs to redeem funds, including around Rs 2,000 crore locked in mutual funds as also through redemption of certain bonds worth further thousands of crores of rupees, but the Sebi order has restrained its position to access capital.</div><div> </div><div>Last month itself, DLF had received shareholdes' approval to raise up to Rs 5,000 crore through non-convertible debentures (NCDs).</div><div> </div><div>An intervention petition was also filed at SAT by Kimsuk Sinha, on whose complaint the Delhi High Court had directed Sebi to probe the case.</div><div> </div><div>However, Sinha's plea was opposed vehemently by DLF counsel and the petition was not admitted.</div><div> </div><div>Earlier this month, Sebi barred DLF and six others from capital markets for three years for "active and deliberate suppression" of material information at the time of its IPO over seven years ago.</div><div> </div><div>DLF's initial public offer in 2007 had fetched Rs 9,187 crore -- the biggest IPO in the country at that time.</div><div> </div><div>While the regulator did not impose any monetary penalty, the prohibition has barred DLF and the six persons, from any sale, purchase or any other dealings in securities markets for a period of three years, including for raising funds.</div><div> </div><div>(Agencies)</div></div>
