Vadra launched Skylight Hospitality four months after the DLF shares got listed, amid complaints of inadequate disclosure from investor associations and former business partner Kimsuk Krishna Sinha.
KK Sinha is a director in 2 firms - Gobinda Tea Trading and Kriti Infrastructures.
Sebi had imposed penalties on DLF, for entering into sham transactions.
DLF wrote to Sebi, asking if the firm's ban on securities transactions extends to mutual fund investments.
The Sebi order is vindication of Sinha's stand, but it has not brought him much relief as his money is still stuck.
It was an individual complainant, seeking action against Rs 34 crore (Rs 340 million) he was allegedly duped, and "sham transactions" involving three 'housewives' that has led to regulator Sebi coming hard on the country's biggest real estate developer DLF and its top executives.
DLFknowingly suppressed material facts: Sebi
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