While the CCI approval has been an easy step in the merger process, all eyes are on the crucial approval from the banking sector regulator, Reserve Bank of India.
The petition had alleged that money worth thousands of crores were siphoned off by Gehlaut and the directors for their personal use.
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.
Senior advocate A M Singhvi, appearing for the company, mentioned the matter for urgent listing before a vacation bench comprising justices Indira Banerjee and Ajay Rastogi.
Statement refuting charges comes after a plea was filed in SC seeking legal action against IBHF for alleged misappropriation of public money.
Promoters’ stake of 14 per cent, or 6.3 crore shares, were sold through bulk deal on Friday.
Pia Johnson, non-executive director of Indiabulls Ventures Ltd and her husband Mehul Johnson traded in the scrip of IVL when in possession of UPSI.
Indiabulls Real Estate was incorporated in 2006 with focus on construction and development of residential, commercial and special economic zone projects across major metros.
OakNorth was seeded by Indiabulls Housing in October 2015 with Rs 650 crore to own a 40 per cent controlling stake in the bank.
Indiabulls promoter Sameer Gehlaut and five other promoter entities settled a Sebi probe into the alleged violation of 'takeover regulations' after paying Rs 48 lakh towards settlement fee.
Indiabulls Housing Finance Ltd on Tuesday announced a 0.20 per cent increase in the interest rates on home loans, reflecting hardening of interest rates in the market.
The clarification follows Sebi seeking details from mutual funds about their exposure to all NBFCs and housing finance companies, amid concerns over liquidity in the system, according to sources.