Indiabulls Housing falls after writ filed against chairman; company says allegation ‘bizarre’
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Allegation of siphoning-off Rs 98,000 crore ‘bizarre’: Indiabulls Housing Finance The statement comes after a plea was filed in the Supreme Court on Monday seeking legal action against Indiabulls Housing Finance, Gehlaut and the directors for the alleged misappropriation of public money.
IB Housing Finance called the allegation "bizarre" as total loans on its books are about Rs 90,000 crore, it said in a statement. Shares of mortgage lender Indiabulls Housing Finance fell as much as 8.58 per cent to Rs 671.25 after a writ was filed on Monday in the Supreme Court against Chairman.
On 11th June, the ministry of corporate affairs (MCA) moved the national company law tribunal (NCLT) with a 214-page petition to bar Deloitte Haskins & Sells (Deloitte), statutory auditors of IL&FS Financial Services (IFIN) and BSR Associates (a part of the KPMG network in India), for five years for colluding with management to bury serious issues of round-tripping money and ever-greening.
Allegation Of Siphoning-Off Rs 98,000 Crore ‘Bizarre’: Indiabulls Housing Finance The petition alleged that money worth thousands of crores were siphoned off by Sameer Gehlaut and the directors of.
MUMBAI: Indiabulls Group has lost more than Rs 5,300 crore in market capitalisation on Tuesday after a plea was filed in the Supreme Court on Monday seeking legal action against Indiabulls Housing Finance for misappropriation of around Rs 98,000 crore. The group’s flagship company Indiabulls Housing fell 8 per cent to Rs 675 while Indiabulls Integrated and Soril Infra plunged 10 per cent each.
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· Alleging that certain buyers had done illegal alterations in the building, the developer had filed the writ petition seeking action against Municipal Corporation of Greater Mumbai to implement the notices issued in 2002, 2009 and 2013 under section 351 and 353 of the Mumbai Municipal Corporation Act and to comply with the High Court orders.
The statement came after a plea was filed in the apex court on Monday seeking legal action against Indiabulls, Gehlaut and the other directors for alleged misappropriation of public money.