Sebi passes orders against eight companies for non-disclosures in IPO

New Delhi: Market regulator, Sebi has passed orders against eight companies, including realty major DLF, for non-disclosure of 'material' information in their IPO prospectus, in the last three years. Apart from DLF, Sebi has passed orders against Brooks Laboratories, Bharatiya Global Infomedia, Onelife Capital Advisors, P G Electroplast, RDB Rasayans, Taksheel Solutions and Tijaria Polypipes.

Giving the status update of these cases, Minister of State for Finance Jayant Sinha in a written reply to the Rajya Sabha said that DLF's appeal is listed for hearing on December 10 in Securities Appellate Tribunal (SAT). "The Securities and Exchange Board of India (Sebi) has passed orders (including interim and confirmatory) against eight companies for non disclosures of material information in their IPO prospectus," Sinha said.

Sebi had banned DLF and six of its senior officials, including Chairman, from accessing capital markets for three years for alleged non-disclosure of three of its hundreds of subsidiaries in the 2007 IPO filing. DLF approached the SAT to challenge the Sebi order.