Indiabulls moves SC, seeks urgent listing of plea filed against it

Indiabulls Housing Finance Ltd (IHFL) moved the Supreme Court Wednesday seeking urgent listing of a plea which alleged that it misappropriated Rs 98,000 crore of public money.

The matter was mentioned for urgent listing before a vacation bench of Justices Indira Banerjee and Ajay Rastogi.

Senior advocate A M Singhvi, appearing for IHFL, said that frivolous allegations have been levelled in the plea to blackmail the company due to which they have incurred a loss of Rs 7,000 crore of its market share in two days.

Singhvi told the bench that this plea has been filed for "blackmailing tactics" and it is a "noble way of defaming" the company as the petitioner, after filing the petition, leaked it to the media and the story was widely carried.

"I (IHFL) am a respondent (in the petition) and I am taking a risk by requesting for urgent listing. Please list this petition for hearing as we are incurring huge loss," he told the bench.

When the matter was mentioned in the morning session, the bench told Singhvi that it will take a decision during the day on listing of the petition.

"We will check it up about what is the procedure which is to be followed. Filing of a petition is permitted but for listing it before the vacation bench, the matter has to be urgent," the bench said.

Later, the bench said that the matter would be heard in July after the summer vacation as there were some defects in the plea filed by the petitioner.

Singhvi told the court that IHFL has lost Rs 7,000 crore of its market share after stories about filing of the petition in the apex court was published in the media.

"We (IHFL) have lost Rs 7,000 crore of market share. Somebody filed a writ petition and leaked it to the press. Every fact mentioned in the petition is wrong," he said.

He alleged that the petitioner before the apex court is a "milk vendor" who has bought four shares of the company some time back.

"The petitioner had bought four shares of the company and now filed the petition. He cannot misuse the process of law. It is a blackmailing tactic through the court. Please list the matter for hearing," he said.

Later in the day, Indiabulls issued a press statement in the matter and said, "Indiabulls submitted to the court that the petitioner bought 4 shares of Indiabulls worth Rs 3,000 on May 9, 2019 with the sole purpose of blackmail and extortion."