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In a relief to Indiabulls Housing Finance, the petitioner has withdrawn the case alleging misappropriation of funds from the Supreme Court.

“Abhay Yadav, the petitioner, has withdrawn the writ petition in Supreme Court,” Indiabulls Housing Finance said in a release on Thursday.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

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.