DLF moves HC against SEBI order

DLF,in its petition,has sought quashing of SEBI8217;s earlier order,issued on October 20,for investigation into the allegations of complainant Kimsuk Krishna Sinha in 2007 against it and Sudipti Estates.

The construction major said SEBI8217;s order was passed 8220;erroneously and in blatant non-compliance with the principle of natural justice8221;.

8220;Respondent-1 SEBI passed the impugned order directing investigation into the affairs of the petitioner DLF relying not on complaints of Respondent-2 Sinha but on various extraneous materials which were not available to the petitioner acting contrary to the jurisdictional mandate set in the order on July 21,2011,8221; DLF said.

It further said the order to probe its affairs has been made in violation of 8220;express directions8221; of the court.

Earlier,SEBI ordered investigation into the issue of IPOs after the High Court,in July this year,asked it to look into the complaint of Sinha against DLF Group and Sudipti Estates and pass an order in three months.

In the FIR lodged against Sudipti in Delhi,Sinha had alleged that the company and its directors/agents had 8220;lured and compelled8221; him to transfer certain plots of land and did not fulfil the promise of developing the land and providing him higher returns.