Real estate giant DlF on Monday sought Sebi’s approval to redeem Rs 1,600 crore from its mutual fund investments as it is facing a three-year ban by the market regulator from accessing the capital market.
According to sources, the Delhi-based developer has made the request through an affidavit submitted to the Securities Appellate Tribunal (SAT), which is hearing DlF’s appeal against the ban imposed by the watchdog last month on the company and six of its top officials.
The submission of the affidavit, which seeks to redeem Rs 1,600 crore from the total MF investments that the company has, follows a direction from the tribunal last Thursday.
The SAT, a quasi-judicial body, is expected to pronounce its interim order on the affidavit on Wednesday. The final hearing on the matter will begin on December 10.
At the last hearing on October 30, the SAT had asked DlF to specifically mention the timeframe, the requirements as well as the end use of the fund apart from till what time it needs the interim relief.