Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

DLF Stocks Plummet 20%, Hit 31-Month Low After CEO Steps Down, SC Issues Non-Disclosure Notice

The stock fell 23 percent in three straight sessions to Rs 138.30, the lowest level since January 31, 2017. It was quoting at Rs 144, down Rs 27.60, or 16.08 percent on the BSE at 0952 hours.

News18.com

Updated:August 22, 2019, 11:18 AM IST
facebookTwitterskypewhatsapp
DLF Stocks Plummet 20%, Hit 31-Month Low After CEO Steps Down, SC Issues Non-Disclosure Notice
Image for representative purpose only (Reuters)
Loading...

Real estate giant DLF's shares fell by 19.4 percent intraday on Thursday to hit its 31-month low on August 22 after receiving a notice from the Supreme Court for non-disclosure of key information in Qualified institutional placement (QIP).

The stock fell 23 percent in three straight sessions to Rs 138.30, the lowest level since January 31, 2017. It was quoting at Rs 144, down Rs 27.60, or 16.08 percent on the BSE at 0952 hours.

SEBI had earlier barred DLF promoters from markets and imposed a penalty after a complaint by KK Sinha, who told the SC that DLF had failed to mention key cases regarding the violation of the Haryana Land Ceiling Act, 1972, where adverse orders were passed by the Punjab and Haryana High Court, and the matter is still pending with the SC.

Ashok Tyagi, wholetime Director of DLF said in an interview to CNBC-TV18, "All material disclosures had been made in the QIP and complaint is about 5-6 acres of land by a co which is not company's arm.".

Moreover, DLF Ltd patriarch K P Singh had stepped down as whole-time director on Monday, but will continue to be its non-executive Chairman, the realty firm said.

In a regulatory filing, DLF informed that shareholders' approval has been sought on a resolution through postal ballot for "appointment of K P Singh for continuation as a non-executive director (designated as Chairman of the company.)"

In an explanatory note, the real estate major said its shareholders in the company's AGM held on July 30, had approved the reappointment of Singh as a whole-time director designated as Chairman for a period of five years with effect from October 1, 2018.

However, the 88-year-old Singh during the AGM informed the shareholders that it might not be possible for him to continue as a Whole-time Director.

To consider the resignation of Singh, the DLF board met on July 30 and accepted his resignation as Whole-time Director designated as Chairman.

"However, the Board unanimously agreed that it is necessary for the company to continue to avail the benefit of Dr. Singh's invaluable experience and knowledge of the real estate business.

"At the request of the members of the Board, KP Singh, after much persuasion, has agreed to continue as Non-Executive Director designated as Chairman," the postal ballot notice said.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
HDFC 2,049.30 3.78
Maruti Suzuki 6,591.95 10.39
ICICI Bank 417.50 7.99
HDFC Bank 1,199.60 8.95
Reliance 1,254.35 6.39
Company Price Change %Gain
Astral Poly Tec 1,213.70 5.25
HDFC 2,052.10 3.92
SBI Life Insura 815.85 1.73
Zee Entertain 301.10 -2.49
Maruti Suzuki 6,585.25 10.89
Top Gainers
Company Price Change %Gain
Eicher Motors 17,860.20 13.38
Hero Motocorp 2,862.90 13.06
IndusInd Bank 1,419.60 10.71
UltraTechCement 4,269.65 10.43
Maruti Suzuki 6,591.95 10.39
Company Price Change %Gain
Hero Motocorp 2,849.40 12.52
Maruti Suzuki 6,585.25 10.89
IndusInd Bank 1,419.60 10.74
Bajaj Finance 3,705.60 10.19
SBI 301.70 10.09
Top Losers
Company Price Change %Gain
Power Grid Corp 196.20 -2.46
Zee Entertain 301.40 -2.41
Infosys 805.00 -1.91
TCS 2,065.45 -1.74
NTPC 119.85 -1.52
Company Price Change %Gain
Power Grid Corp 196.35 -2.39
Infosys 805.10 -1.94
TCS 2,065.60 -1.74
NTPC 119.90 -1.52

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results