SC posts for July plea alleging misappropriation of funds by Indiabulls Housing Finance

The Supreme Court will hear in July a plea filed against Indiabulls Housing Finance Ltd (IHFL) in which it was alleged that the company misappropriated Rs 98,000 crore of public money.

A vacation bench of Justices Indira Banerjee and Ajay Rastogi posted the matter for hearing in July after the company sought an urgent hearing of the case claiming that the petition against it alleging fraud is just a "blackmailing tactic".

Senior advocate Abhishek Manu Singhvi, appearing for the company, told the bench that frivolous allegations have been levelled against the firm in the petition and the plea was leaked to the media.

He also contended that the company's shareholders have lost close to Rs 7,000 crore in two days, adding that the petitioner, a milk vendor, bought four shares of the company only about three weeks ago.

The plea is an ingenious way to blackmail the company using the judicial process, Singhvi argued.

The petition, which was filed by Abhay Yadav a few days back, has alleged that thousands of crores were siphoned off by Sameer Gehlaut, the chairman of the Indiabulls, and the directors of the company for their personal use.