Indiabulls Housing falls after writ filed against chairman; company says allegation ‘bizarre’

In a statement earlier, IHFL has described the allegations against its Chairman Sameer Gehlaut and other directors as "bizzare" and designed to malign the reputation of the company. 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.

Indiabulls Housing Finance Ltd (IHFL), on June 12, 2019, moved the Supreme Court, seeking urgent listing of a plea filed against it, in which it has been alleged that the company misappropriated Rs 98,000 crores of public money.

The Indiabulls Housing Finance Ltd (IHFL) on Wednesday moved the Supreme Court, seeking urgent listing of a plea filed against it in which it has been alleged that the company misappropriated Rs.

Indiabulls Housing Finance Ltd on Thursday said a writ petition alleging financial misdeeds against the mortgage lender has been withdrawn, sending shares nearly 8 percent higher. A criminal writ petition filed on Monday in supreme court alleged that about Rs 98,000 crore had been siphoned out of the company by senior officials using a web of.

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In a new twist, Indiabulls Housing Finance Ltd has said that investigations by the Gurgaon police has unearthed an organised racked run by two lawyers, Kislay Panday and his father Ram Mani, under the name of Managium Juris LLP. The court has issued non-bailable arrest warrants against the father-son duo, who are absconding, the company says.

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"The total loans on the books of Indiabulls Housing are approx Rs 90,000 crores. The allegation of siphoning-off Rs 98,000 crores is bizarre," the company said in a regulatory filing.

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The company has invested Rs 3500 crore in the capacity expansion of existing plants and setting up new ones. fixed income investors perceive non-banking finance companies (NBFCs) as less of a problem.