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Indiabulls Housing Surges by 11% After Plea Alleging Rs 98,000 Crore Scam Withdrawn

A criminal writ petition was filed in the Supreme Court on Monday alleging that Rs 98,000 crore had been siphoned out of the company by senior officials.

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Updated:June 13, 2019, 3:07 PM IST
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Indiabulls Housing Surges by 11% After Plea Alleging Rs 98,000 Crore Scam Withdrawn
Indiabulls logo. (Picture courtesy: Twitter)

Indiabulls Housing Finance Ltd shares jumped nearly 11% in intraday trade on Thursday as soon as the news broke that Abhay Yadav, who had filed a petition against promoter Sameer Gehlaut and the company over alleged fund misappropriation, has withdrawn his case in the Supreme Court.

Yadav, in his affidavit, said that he was not aware of the contents and allegations mentioned in the complaints of the petition, Indiabulls said in a statement.

“I now realise that such papers, affidavits, applications etc were signed by me have been misused to file false complaints against Indiabulls with malafide intentions,” Indiabulls statement suggested Yadav as saying.

A criminal writ petition was filed on Monday in the apex court alleging that about Rs 98,000 crore had been siphoned out of the company by senior officials using a web of shell companies. As a result, the stock dropped over 15% within this week as of Wednesday’s close.

Indiabulls Housing Finance, however, on Wednesday said the petitioner had admitted in court that the petition was defective in nature and that he would approach the court after rectifying it.

The company had earlier also strongly refuted the allegation. “The total loans on the books of Indiabulls Housing are approx Rs 90,000 crore. The allegation of siphoning-off Rs 98,000 crore is bizarre,” the company had said in a regulatory filing.

Indiabulls Housing had said that a racket of blackmailers has been trying to extort money from the company over the last two months. The company had also filed an FIR on 4 June in the matter.

Indiabulls claims the blackmailers threatened to write complaints to various government departments alleging siphoning off of Rs 55,000 crore if Rs 10 crore was not paid to them.

Shares of Indiabulls Housing Finance were trading at Rs 682 apiece, up 9.8%, on BSE.

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