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Supreme Court has allowed DLF units to sell shares to reduce debt

Three DLF subsidiaries has been allowed by the Supreme Court for selling shares worth Rs 12,000 crore for the purpose of reducing debt, declined the regulator’s plea to prevent the real estate group’s move.

Earlier, an order restraining DLF and its key directors from directly or indirectly accessing the market or dealing with any securities had been passed by the Securities and Exchange Board of India (SEBI).

The market regulator, on Wednesday through senior advocate CU Singh, sought a temporary restraint order against the DLF units selling their shares to offshore entities, but a bench of justices Jasti Chelameswar and Abhay Manohar Sapre refused to consider this.

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