Indiabulls Housing falls after writ filed against chairman; company says allegation ‘bizarre’

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Refuting charges of misappropriation of around Rs 98,000 crore by its Chairman Sameer Gehlaut and other directors, Indiabulls Housing Finance late on Monday evening said that the allegation is "bizzare" and is meant to malign the reputation of the company. The statement comes after a plea was filed in the Supreme Court on Monday seeking legal.

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Read more about SC raps petitioner for defective plea against Indiabulls on Business Standard. The Supreme Court on Wednesday pulled up for filing a defective application a petitioner, Abhay Yadav, who has alleged that Indiabulls Housing Finance Ltd (IHFL) misappropriated Rs 98,000 crore of public money.

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Indiabulls Housing Finance terms siphoning charges as bizarre. Chairman Sameer Gehlaut and other directors, Indiabulls Housing. The statement comes after a plea was filed in the Supreme Court on. The allegation of siphoning-off Rs 98,000 crores is bizarre," the company said in a regulatory filing.

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Indiabulls Housing falls after writ filed against chairman; calls allegation ‘bizarre’ Shares of mortgage lender indiabulls housing finance fell as much as 8.58 per cent to Rs 671.25 after a writ was filed on Monday in the Supreme Court against Chairman Sameer Gehlaut for allegedly siphoning Rs 98,000 crore ($14.11 billion).

MUMBAI: Indiabulls Group has lost more than Rs 5,300 crore in market capitalisation on Tuesday after a plea was filed in the Supreme Court on Monday seeking legal action against Indiabulls Housing Finance for misappropriation of around Rs 98,000 crore. The group’s flagship company Indiabulls Housing fell 8 per cent to Rs 675 while Indiabulls Integrated and Soril Infra plunged 10 per cent each.