Shares of DLF fell by 6% touching the day's low of Rs202, on reports the Ministry of Corporate Affairs ( MCA) has ordered inspection into the books of accounts of the realty major in view of complaints received from investors regarding company's accounts.
Yesterday, DLF shares fell over 12% and touched the monthly low of Rs197.25 on the BSE, on news that there are no takers for DLF Mumbai land parcel. For full story DLF-falls-as-Mumbai-land-parcel-still-un/eed368bf-14f9-4b84-9875-05f9599fcae6/MustKnowNews/161/News.htm'>Click here: Today, the stock continue to trade in red on concerns over financial health.
The Corporate Affairs Ministry has ordered inspection into the books of accounts of realty major DLF in view of complaints received from investors regarding company's accounts.
'We have ordered the Regional Director (North) to carry out inspection under Section 209 of the Companies Act. There were several complaints from investors alleging that there are anomalies in the company's books,' a senior official said.
Under section 209 of the Act, companies are required to maintain 'at its registered office proper books of account' and the MCA has the power to call and scrutinise those books.
An e-mail sent to DLF remained unanswered despite repeated attempts.
The sources further added that the Securities and Exchanges Board of India ( SEBI), too, has sent a reference to the MCA in this regard.
DLF, the country's largest realty firm, is already facing a probe by market regulator SEBI on an allegation that DLF has duped a city-based businessman of Rs34 crore in collusion with its associate firm Sudipti Estates.
SEBI is carrying out an investigations of DLF, to check for violations, if any, of the provisions of the erstwhile SEBI (Disclosure and Investor Protection) Guidelines, 2000, by the company.
In August last year, competition watchdog CCI had imposed a penalty of Rs630 crore for abuse of dominant market position. It also issued a 'cease and desist' order against imposing unfair conditions on the buyers of its flats.
DLF had challenged the CCI order with the Competition Appellate Tribunal (COMPAT), which had stayed CCI's order.
....more info
Yesterday, DLF shares fell over 12% and touched the monthly low of Rs197.25 on the BSE, on news that there are no takers for DLF Mumbai land parcel. For full story DLF-falls-as-Mumbai-land-parcel-still-un/eed368bf-14f9-4b84-9875-05f9599fcae6/MustKnowNews/161/News.htm'>Click here: Today, the stock continue to trade in red on concerns over financial health.
The Corporate Affairs Ministry has ordered inspection into the books of accounts of realty major DLF in view of complaints received from investors regarding company's accounts.
'We have ordered the Regional Director (North) to carry out inspection under Section 209 of the Companies Act. There were several complaints from investors alleging that there are anomalies in the company's books,' a senior official said.
Under section 209 of the Act, companies are required to maintain 'at its registered office proper books of account' and the MCA has the power to call and scrutinise those books.
An e-mail sent to DLF remained unanswered despite repeated attempts.
The sources further added that the Securities and Exchanges Board of India ( SEBI), too, has sent a reference to the MCA in this regard.
DLF, the country's largest realty firm, is already facing a probe by market regulator SEBI on an allegation that DLF has duped a city-based businessman of Rs34 crore in collusion with its associate firm Sudipti Estates.
SEBI is carrying out an investigations of DLF, to check for violations, if any, of the provisions of the erstwhile SEBI (Disclosure and Investor Protection) Guidelines, 2000, by the company.
In August last year, competition watchdog CCI had imposed a penalty of Rs630 crore for abuse of dominant market position. It also issued a 'cease and desist' order against imposing unfair conditions on the buyers of its flats.
DLF had challenged the CCI order with the Competition Appellate Tribunal (COMPAT), which had stayed CCI's order.
....more info