The National Company Law Appellate Tribunal (NCLAT) has directed DLF to register transfer of 60,000 shares to the legal heirs of one of its deceased shareholders and has imposed a cost of Rs 5 lakh for harassing the poor investors. A three-member bench observed that DLF insisted again and again for affidavit and indemnity bond in spite of having a Letter of Administration for succession, and the action by the real estate firm deserved penal action.
DLF is one of India's biggest property developers. The company’s primary business is development of residential, commercial and retail properties. The company has a unique business model with earnings arising from development and rentals.
