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Saturday, October 18, 2014

Role of DLF I-bankers under Sebi lens, Real estate giant moves SAT against ban order

Not surprisingly, investment bankers disagree. "This raises bigger industry issues. Do you have the bandwidth and time to carry out full due diligence if the company just doesn't disclose?" asked a senior banker with a foreign bank.

Legal consultants and auditors could be held responsible in the DLF case under the current Companies Act enacted in 2013, some experts say. However, in India, documentation is usually structured to absolve both the bankers and legal experts, said a lawyer who has participated in over a dozen Indian listings. "At best, the company could sue the law firm for inadequate diligence, but usually that will circle around disclosures made by the company as such clauses are included," he added.

Since the DLF IPO happened in 2007, when the 1956 Companies Act was enforceable, in the current DLF case none of the consultants is likely to come under the scanner, said one of the lawyers involved in the offering.


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