Writ petition blaming Indiabulls Housing Finance of misappropriating Rs 98,000 crore of public money withdrawn
The petitioner Abhay Yadav said in an affidavit that he had unknowingly signed the petition which was used to level false allegations against Indiabulls Housing Finance.
- Jun 13, 2019,
- Updated Jun 13, 2019 4:05 PM IST
The writ petition alleging chairman and directors of Indiabulls Housing Finance (IHFL) of misappropriating Rs 98,000 crore of public money has been withdrawn. In a regulatory filing, the company said that the petitioner Abhay Yadav agreed his name was used to level false accusations against the company and he has unconditionally withdrawn the case. "I am not aware of the contents and allegations mentioned in the complaints or the petition. I now realise that such papers, affidavits, applications, etc were signed by me have been misused to file false complaints and petitions against Indiabulls with malafide intentions (sic)," the company statement quoted from Yadav's affidavit before the apex court.
As per the company's statement, Yadav said in his affidavit that four shares of Indiabulls were purchased in his name in May 2019 and he was asked to sign a detailed bulky complaint, which was addressed to various government officials and ministers. "I apologise with folded hands for unknowingly having signed the complaints, petition, applications, etc. without realising its contents therefore I have decided to to unconditionally withdraw the Writ Petition," Yadav said in his affidavit.
Blackstone, Embassy set to jointly acquire promoter's 39% stake in Indiabulls Real Estate
The plea also sought directions to Securities and Exchange Board of India (SEBI), Centre, Reserve Bank of India (RBI), Income Tax Department or the competent authority to restore, protect and conserve the defrauded and misappropriated investors' money. Meanwhile, Indiabulls share soared following reports of writ petition against it being withdrawn.
Meanwhile, the share price of Indiabulls Housing Finance soared after writ petition against it was withdrawn. The scrip closed at 694.30 at Bombay Stock Exchange, up by 73.15 points or 11.78 per cent.
(Edited by Vivek Punj)
The writ petition alleging chairman and directors of Indiabulls Housing Finance (IHFL) of misappropriating Rs 98,000 crore of public money has been withdrawn. In a regulatory filing, the company said that the petitioner Abhay Yadav agreed his name was used to level false accusations against the company and he has unconditionally withdrawn the case. "I am not aware of the contents and allegations mentioned in the complaints or the petition. I now realise that such papers, affidavits, applications, etc were signed by me have been misused to file false complaints and petitions against Indiabulls with malafide intentions (sic)," the company statement quoted from Yadav's affidavit before the apex court.
As per the company's statement, Yadav said in his affidavit that four shares of Indiabulls were purchased in his name in May 2019 and he was asked to sign a detailed bulky complaint, which was addressed to various government officials and ministers. "I apologise with folded hands for unknowingly having signed the complaints, petition, applications, etc. without realising its contents therefore I have decided to to unconditionally withdraw the Writ Petition," Yadav said in his affidavit.
Blackstone, Embassy set to jointly acquire promoter's 39% stake in Indiabulls Real Estate
The plea also sought directions to Securities and Exchange Board of India (SEBI), Centre, Reserve Bank of India (RBI), Income Tax Department or the competent authority to restore, protect and conserve the defrauded and misappropriated investors' money. Meanwhile, Indiabulls share soared following reports of writ petition against it being withdrawn.
Meanwhile, the share price of Indiabulls Housing Finance soared after writ petition against it was withdrawn. The scrip closed at 694.30 at Bombay Stock Exchange, up by 73.15 points or 11.78 per cent.
(Edited by Vivek Punj)