Below is an edited transcript of the analysis on CNBC-TV18.
Q: What does it really mean for DLF's shareholders?
A: The overhang will definitely remain. So yes, there are lot of controversies and one big controversy which I will add here is also the merger of DAL Assets, which was again the company having created by the group for their personal benefit which when it did not succeed, they dumped it into DLF.
This has ceased to surprise the shareholders and that why the value has eroded. At one point of time, the company enjoyed a market cap of maybe a Rs 100,000 crore or maybe more than that, and now it is ruling at a market cap of Rs 38,000 crore.
It is surprising that even the independent directors have expressed ignorance about the Rs 65 crore interest-free loan having been given. So, yes the problem of corporate governance has again resurfaced.
But I think that this time, the resurfacing of the old problems and the legal action are sure be a major problem for DLF in the time to come.
Q: The government so far has ruled out any possibility of an income tax probe on Kejriwal's suggestion. But do you believe that it is time for the market regulator to suo moto look into this matter?
A: I am not aware of regulatory authorities taking suo moto action because close family members of the ruling party is involved. But it is certain that there will be public interest litigations that will force the court to direct the government as well the regulatory authorities.
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