Money & Banking

Petitioner withdraws misappropriation case against Indiabulls Housing Finance

Our Bureau Mumbai | Updated on June 13, 2019 Published on June 13, 2019

Indiabulls had, on Wednesday, moved the Supreme Court for an urgent hearing of the writ petition   -  Bloomberg

The petition had alleged that the company had misappropriated ₹98,000 crore of public money

 

In a relief to Indiabulls Housing Finance, the petitioner has withdrawn the case alleging misappropriation of funds from the Supreme Court.

“Abhay Yadav, the petitioner, has withdrawn the writ petition in Supreme Court,” Indiabulls Housing Finance said in a release on Thursday.

The petition had alleged that the company had misappropriated ₹98,000 crore of public money. In an affidavit, Yadav has now said that he is not aware of the contents and allegations mentioned in the complaints or the petition, according to Indiabulls.

Also read: Indiabulls Housing moves apex court for listing of plea against it alleging misappropriation of funds

“I now realise that such papers, affidavits, applications signed by me have been misused to file false complaints and petitions against Indiabulls with malafide intentions,” Yadav further said in the affidavit, adding that four shares of Indiabulls were purchased in his name in May 2019 and that he was asked to sign a detailed bulky complaint which was addressed to various government officials and ministers.

Indiabulls had, on Wednesday, moved the Supreme Court for an urgent hearing of the writ petition.

It had submitted that Yadav bought four shares of Indiabulls worth ₹3,000 on May 9, 2019, with the sole purpose of blackmail and extortion.

The petition had alleged that money worth thousands of crores were siphoned off by Sameer Gehlaut, the chairman of the firm, and the directors for their personal use.

Stock rises

Following the statement on withdrawal of the petition, the scrip of Indiabulls Housing Finance gained 11.78 per cent on the BSE to close at ₹694.30 apiece on Thursday.

Published on June 13, 2019

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