NEW DELHI: Shares of Indiabulls Housing Finance (IHFL) continued to be under pressure as it fell nearly eight per cent to close at Rs 621 on Wednesday following allegations of siphoning off Rs 98,000 crore of public money.
The company moved the Supreme Court seeking an urgent listing of a plea filed against it in which it has been alleged that the company misappropriated Rs 98,000 crore of public money.
Requesting for urgent listing of the case, senior advocate A M Singhvi, appearing for the company told the vacation bench comprising justices Indira Banerjee and Ajay Rastogi, that frivolous allegations have been levelled against the company in the petition and the plea was leaked to the media. Singhvi addedhat due to the media reports regarding filing of the petition against the company, IHFL has incurred loss of around Rs 7,000 crore of its market share.
At the fag end of the day, the bench refused to hear the case early and slated the hearing for July before the regular bench. The petition has alleged that money worth thousands of crores were siphoned off by Sameer Gehlaut, the chairman of the firm, and the directors of Indiabulls for their personal use.
Abhay Yadav, the petitioner and one of IHFL’’s shareholders, has alleged that Gehlaut, with the help of Harish Fabiani — an NRI based in Spain — created multiple “shell companies” to which IHFL loaned huge sums of money under “bogus and non-existent pretexts”.
The company had dismissed these reports. “The total loans on the books of company are approximately Rs 90,000 crore. The allegation of siphoning off of Rs 98,000 crore is bizarre,” Indiabulls Housing
Finance said in its filing on June 10.
Poor Show
In the last 15 days, it has corrected 24 percent and has plummeted 73 percent in one year period
The firm has lost nearly Rs 7,000 crore so far