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SEBI imposes $8.4 million penalty on property firm DLF

Reuters
Workers walk past a billboard of DLF Ltd. at Gurgaon on the outskirts of New Delhi October 14, 2014. REUTERS/Anindito Mukherjee/Files

MUMBAI (Reuters) - The Securities and Exchange Board of India (SEBI) on Thursday fined property developer DLF Ltd(DLF.NS) and its top management 520 million rupees ($8.4 million) as part of a broader probe into the firm's lack of disclosures during its initial public offering (IPO).

The regulator last year banned the company from raising capital for three years as part of the same case, a verdict which DLF is appealing at a securities tribunal.

The SEBI concluded then that the property developer wilfully withheld details of all of its subsidiaries, as well as details of legal cases pending against those companies when it filed its IPO documents.

DLF was not immediately available for comment on Thursday.

($1 = 61.7272 rupees)

(Reporting by Himank Sharma; Editing by Clara Ferreira Marques and David Holmes)