Indiabulls Real Estate Shares Rally as Promoters Sell Stake to Embassy Group

Indiabulls Housing fluctuations with 11% after plea alleged Rs 98,000 Creama scams withdrawn

A petition in the form of a crime was filed with the Supreme Court on Monday, claiming that Rs 98,000 crore had been transferred by senior officials from the company.

Indiabulls Housing fluctuations with 11% after plea alleged Rs 98,000 Creama scams withdrawn
Indiabulls logo. (Photo courtesy: Twitter)

The Indiabulls Housing Finance Ltd share rose by nearly 11% in intraday trading on Thursday as soon as news broke that Abhay Yadav, who had filed a petition against promoter Sameer Gehlaut and the company for alleged misappropriation of funds, has his case before the Supreme Court withdrawn.

Yadav, in his sworn statement, said he was unaware of the content and allegations mentioned in the petition's complaints, Indiabulls said in a statement.

"I now realize that such papers, sworn statements, applications, etc., signed by me, have been misused to make false complaints against Indiabulls with intentions of rogue," said Indiabull's statement according to Yadav.

A criminal petition was filed in the Apex court on Monday and claimed that about 98,000 crore had been removed from the company by senior officials using a web of shell companies. As a result, the stock fell by more than 15% within this week from Wednesday.

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

The company had also strongly refuted the accusation. "The total loans on the books of Indiabulls Housing are around Rs 90,000 crore. The claim that Rs transfers 98,000 crore is bizarre," the company had said in a regulatory file.

Indiabulls Housing said that a racket of extortioners has been trying to extort money from the company over the past two months. The company also submitted an FIR on the matter on 4 June.

Indiabulls claims that the extortionists are threatened to write complaints to various government departments that claim that Rs 55,000 crore has been collected if Rs 10 crore has not been paid to them.

Shares of Indiabulls Housing Finance were traded at Rs 682 each, an increase of 9.8% compared to BSE.

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