DLF denies any links with lands under investigation

MUMBAI: DLF said that the company has no operating or launched projects in any of its lands, which are under investigation, the company said in a clarification note sent to the stock exchanges.

DLF, one of India’s largest commercial real estate developers, made the statement while replying to a query from the stock exchanges following the said investigation.  “We are fully confident of the facts and merits of our case and will extend full cooperation to the authorities,” the statement added.

DLF crashed 11.5 per cent on Friday after its official premises were searched during an operation Friday morning. The stock cracked 11.50 per cent to settle at Rs157.05 on the BSE. Intra-day, it plummeted 18.45 per cent to Rs144.70.

At National Stock Excgange (NSE), shares of the company dived 10.26 per cent to close at Rs159.50 a piece. In terms of equity volume, 19.94 lakh shares of the company were traded on the BSE and over 2 crore shares changed hands at the NSE on Friday, the last trading last week.

DLF acknowledged through the letter that the officers from CBI had visited two of its offices last week, as well as those of several other developers/colonizers, with respect to an old case, pertaining to a land acquisition matter.

“We extended full cooperation to the visiting teams and provided them with all the information as requested by them. The CBI teams left our offices by late afternoon,” the company said in its note to the exchanges.

According to DLF, this is an investigation with respect to acquisition of approx. 1400 acres of land in certain sectors of Gurugram, of which only one license of 6.25 acres pertains to one of DLF’s subsidiary.

“We are fully confident of the facts and merits of our case and will extend full cooperation to the authorities,” the company said further.

 

 

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