Indiabulls shares rise as Yadav takes back petition

The petition had alleged that money worth thousands of crores were siphoned off by Gehlaut and the directors for their personal use.

Published: 14th June 2019 08:11 AM  |   Last Updated: 14th June 2019 08:11 AM   |  A+A-

By Express News Service

NEW DELHI: Shares of Indiabulls Housing Finance soared 11 per cent in Thursday’s trade in a knee-jerk reaction to the announcement 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Yadav, who had filed a petition against promoter Sameer Gehlaut and the company over alleged fund misappropriation, has withdrawn his case in the Supreme Court.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 claimed that he was not aware of the contents and allegations mentioned in the complaints or the petition. He also claimed that the affidavit states that the documents signed by him were misused to file false complaints and petitions against Indiabulls with malafide intentions.

“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.

On Wednesday, Indiabulls had told the vacation bench that Yadav had bought four shares worth `3,000 with the sole purpose of blackmail and extortion and claimed the writ petition was filed in the Supreme Court under Article 32 without seeking remedy at an appropriate level in a bid to damage the reputation of the company.

The petition had alleged that money worth thousands of crores were siphoned off by Gehlaut and the directors for their personal use. The petition in the name of Yadav alleged that Gehlaut, with the help of one Harish Fabiani — an NRI based in Spain — allegedly created multiple “shell companies” to which IHFL loaned huge sums of money under “bogus and non-existent pretexts”.

The shares fell nearly 10 per cent intraday after the company moved the Supreme Court.  Soon after, the shares fell nearly 10 per cent intraday and has plummeted 73 per cent in one year period.

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