Kushal Pal Singh

The property baron's DLF, India's biggest real estate firm, got a lift from the green signal given by stock market regulator Sebi to the listing of REITs (real estate investment trusts). But the developer faced setbacks elsewhere: The Supreme Court ruled that it should deposit a $105 million penalty imposed by the Competition Commission of India for alleged unfair practices. In another ruling, a state court cancelled the auction in which the company had won a prime land parcel of 350 acres in Gurgaon, a thriving township near Delhi. Efforts to prune its $3.1 billion debt are ongoing: DLF sold luxury resort chain Aman Resorts back to its founder Adrian Zecha for $360 million, and also returned a 35-acre plot in Delhi to the Delhi Development Authority for $108 million.