Plea Demands Probe Into Alleged Misappropriation Of Funds By Indiabulls

Indiabulls had earlier opposed the plea saying it was "malicious" and "mala fide" petition which was causing loss to its business and reputation.

 Share
EMAIL
PRINT
COMMENTS
Plea Demands Probe Into Alleged Misappropriation Of Funds By Indiabulls

The court listed the matter for further hearing on December 13.


New Delhi: 

The Delhi High Court Friday sought response of the Centre and the RBI on a plea seeking an SIT investigation into the alleged illegalities, siphoning of funds and violations committed by the promoters of Indiabulls Housing Finance Ltd (IBHFL).

A bench of Chief Justice DN Patel and Justice C Hari Shankar issued notice to the central government, the Reserve Bank of India and Indiabulls seeking their stand on the petition filed by an NGO.

The court listed the matter for further hearing on December 13.

The court was hearing the PIL filed by NGO ''Citizens Whistle Blower Forum'', whose members include former Delhi High Court Chief Justice AP Shah, former Chief of Naval Staff Admiral L Ramdas, former IAS officer Aruna Roy and activist-lawyer Prashant Bhushan.

The plea has sought an SIT investigation into the alleged illegalities, siphoning of funds and violations committed by the promoters of IBHFL.

Indiabulls had earlier opposed the plea saying it was "malicious" and "mala fide" petition which was causing loss to its business and reputation.

The NGO has alleged that in the past many years, IBHFL has taken huge loans from various public and private banks which means that public money is at stake, along with the money invested in IBHFL by its shareholders and investors.

The plea alleged that IBHFL, through its promoters and their various group firms and subsidiaries, has been advancing dubious loans to companies owned by large corporate groups.

They, in turn, have been routing the money back into the accounts of companies owned by the promoters of Indiabulls, so as to increase their personal wealth, it has alleged.

IBHFL, in a statement, denied the allegations and claimed that the petition was leaked in the social media with malicious intent and vested interests to create turbulence in the stock price of the company and fulfil ulterior motives.



Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................