The setting in late 2006 was picture perfect. The markets had witnessed one mammoth IPO by Reliance Petroleum Ltd. And K. P. Singh’s DLF was the next big wave in the wings, and K. P. Singh’s personal valuation was expected to sky rocket. As the front runner in India’s real estate development, what more could one expect? Real estate stocks were on a continuous ascendant, FDI was on the upswing and investors were falling over themselves to be a part of the Great Indian Realty Sweepstakes. But alas, the company ran into rough weather and had to pull back. Besides being bogged down by fighting with minority stakeholders, DLF had decided it wanted to restate its financial earnings on its red herring prospectus.
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Source : IIPM Editorial, 2007
An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative